LCLV will invest across tier I and tier II cities located in China's key logistics regions, including the Yangtze River Delta (Greater Shanghai), Bohai Bay (Greater Beijing) and Greater Bay (South China).

Brian Grassa, Cedarwood's director of development, says the company has a similar project under construction in Clearwater.

The biggest obstacle people have is getting their lender comfortable, says John Bell of Transwestern.

Commercial real estate lending has halted as lenders and borrowers re-focus on existing debt with defaults and forbearance on the horizon. "It's not really about expansion today," said Centennial Bank's David Druey.