Tampa Bay's Industrial Spec Hits Milestone

ORLANDO–Compark 75, the first industrial speculative development built in Tampa Bay following the recession, just hit a notable milestone. The industrial asset is 100% leased.

The news comes just a year after developers broke ground on the second phase of the industrial project. Oscor, a manufacturer of highly specialized cardiac devices, leased the last remaining space in the development. The industrial lease spans 36,300 square feet of space.

Heidi Tuttle-Beisner, broker-owner of Commercial Asset Partners Realty and the exclusive listing agent for Compark 75, represented the landlord, HR Pasco. Kelly Prior of Kelly Prior Commercial Real Estate represented the tenant.

"The Pasco County market is very strong right now, with demand for commercial properties outweighing the supply," Tuttle-Beisner tells GlobeSt.com. "There are very few properties for organizations to choose from, and even fewer that will accommodate the short timeframes in which they are looking to move in."

Located equidistant from the State Road 54 and State Road 56 interchanges in Wesley Chapel, FL, Compark 75 is a class A office park with flexible zoning to accommodate many uses, including light industrial, warehouse, manufacturing and office. The development was built in phases, with Phase I totaling 108,000 square feet and Phase II totaling 130,000 square feet. Phase III, which will add an additional 58,000 square feet of space to the development, will be completed in 2016.

"The development has created hundreds of jobs in the area over the last 12 months," Tuttle-Beisner says. "Oscor will add an additional 30 to 50 jobs to the region when they move into the space in early 2016."

Meanwhile, McCraney Property Company just inked the largest build-to-suit industrial lease signed in the market in over seven years, bringing the industrial park to 48% leased prior to the construction of Bent Oak II.