ORLANDO—With so many eyes on Central Florida's industrial real estate market, CBRE is bound to drive attention to this 1,400-acre development site in Plant City, FL, just 15 minutes outside of Tampa, FL. CBRE is advising owners on the Lakeside Station development, which sits at the southeast corner of Park Road and US-92.
According to CBRE, significant users already call the business park home. Leveraging this success, landowners are moving to re-introduce the rest of the property to current market users. The opportunity is attention-getting. The property is entitled for development of over 10 million square feet, as a business park under current zoning and regional planning standards.
Rian Smith, Kostas Stoilas, and Kris Courier with CBRE's Industrial Brokerage team in Tampa are representing the owner, Lakeside Station LLC. CBRE will market the property and work to identify a master joint venture partner.
“Lakeside Station is well located in Hillsborough County as an opportunity for industrial development," says Smith, a first vice president at CBRE. "The site has potential for mixed-use along the south and west portion, allowing for high density residential, retail and corporate uses. The site is particularly well-positioned to handle the future of 'big-box' distribution and logistics to our growing population base, in order to meet oncoming demand with supply of class A space.”
Central Florida real estate occupied by e-commerce retailers and the transportation, logistics and parcel delivery firms that support them hit an all-time high in 2014, according to a recent CBRE report. What's more, demand from those users is projected to surge over the next three years. CBRE's “The Emergence of a Regional Logistics Hub" reveals e-commerce retailers are expected to occupy an additional 3.4 million square feet of industrial space between 2015 and the end of 2017.
“Central Florida boasts a number of attributes that appeal to large industrial users, including one of the fastest growing populations in the country and a sophisticated transportation and logistics infrastructure,” says Stoilas, a senior associate at CBRE Tampa. “The goal is to partner and help the Tampa Hillsborough Economic Development Corporation attract a national headquarters to the area, and Lakeside Station would be in the geographic center of one of the most populous states in the nation, within 200 miles of 18.4 million potential customers. Plus, the site offers access to Port Tampa Bay, which is seeing increased activity due to the steel industry and containerized cargo for import and export. That is a very compelling advantage for businesses that need to reach consumers via multiple modes of transportation.”
Lakeside Station is less than two miles from an Interstate 4 exit ramp and minutes from the Interstate 4 and Interstate 75 intersection in East Tampa. All told, there are about 33 sites in Hillsborough and Polk Counties with potential for future industrial development along the Interstate 4 corridor. Of those sites, CBRE reports, Lakeside Station is one of the few with the capacity to create a master-planned industrial park.
“The business-friendly political leadership of Plant City and Hillsborough County, combined with well-planned developments such as Lakeside Station, will be certain to attract high-quality end-users, whether it be in manufacturing, distribution or commercial office space,” says Homans, president and CEO of the Tampa Hillsborough Economic Development Corporation. “We are excited to be part of the team that will recruit the new jobs and capital investment to the Plant City area.”
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