Industrial Complex to Break Ground in Tampa

April 13, 2021 - by commARCH
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Avison Young  has been exclusively retained to lease Tampa Airport Logistics Center, a two-building class A industrial development spanning ±297,254 square feet. NorthPoint Development recently acquired the 19.21-acre parcel for the project and will break ground immediately. 

Image Credits: NorthPoint

 

 Where?
 
The industrial complex is located in 5450 Johns Road and 5416 W. Sligh Avenue in Tampa, Florida.
 
When?
 
The new industrial complex is scheduled for delivery in the fourth quarter of 2021.
 
Who?
 
Developer: 
 NorthPoint Development  
Leasing Service: 
 Avison Young  
Contractor: 
 WELBRO Building Corporation  
 
Why is this project needed?
 
“Demand for industrial space over 50,000 square feet has remained consistently high near the airport for the past 14 years,” said Clay Witherspoon, Principal and Managing Director of Avison Young’s Tampa operations. “The lack of space and opportunities for new development due to land constraints previously forced larger users to seek space in other submarkets while still looking out for better positioned options. As such, we expect strong interest in Tampa Airport Logistics Center, considering its location and timing for completion.”
 
“We are very excited about bringing this Class A industrial development to the airport submarket,” said Tim McElroy, NorthPoint Development’s Director of Industrial Development. “Due to land constraints, new development has been minimal for over a decade. As such, we expect that the project will be very well received by the market.”
 
What will be the economic impact of the project? 


According to Avison Young research, the Airport industrial submarket recorded a 3.51% vacancy rate as of year-end 2020. Historically, the area has had under 5% industrial vacancy, one of the lowest rates in Tampa Bay, for several consecutive years. 


Tampa Airport Logistics Center is strategically situated with easy access to the Veteran’s Expressway (State Road 589), Dale Mabry Highway, and Interstate 275. Building 1 and Building 2 will be ±100,936 square feet and ±196,318 square feet, respectively. The proximity to Tampa Bay’s logistics hub and population core makes it ideal for freight forwarding, last-mile, and light assembly industrial users.
 
Avison Young Principals Clay Witherspoon, who is also Managing Director of the brokerage’s Tampa operations, and Tim Callahan will oversee leasing services for Tampa Airport Logistics Center. 


Project Specs

±297,254 square feet 
19.21-acre parcel 
2 buildings 
Building 1 will be ±100,936 square feet 
Building 2 will be ±196,318 square feet 
 
About Avison Young
 
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, their clients collaborate with an empowered partner who is invested in their success. Their integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, they can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
 
Avison Young is a 2020 winner of Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for nine consecutive years.

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