Site primed for development of over 10 million square feet of industrial and mixed-use product
Tampa, FL – June 22, 2015 – (RealEstateRama) — CBRE has been retained as the exclusive advisors for a 1,400-acre development site named “Lakeside Station,” located on the southeast corner of Park Road and US-92 in Plant City, Florida, approximately 15 minutes outside of Tampa. The business park is currently home to significant users. The landowners are looking to re-introduce the rest of the property to current users in the market. The property is entitled for development of more than 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, in marketing the property and identifying a master joint venture partner.
“Lakeside Station is well located in Hillsborough County as an opportunity for industrial development. The site has potential for mixed-use along the south and west portion, allowing for high density residential, retail and corporate uses,” said CBRE’s Rian Smith, First Vice President. “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, and demand from those users is projected to surge over the next three years. According to the report, “The Emergence of a Regional Logistics Hub,” 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,” said Kostas Stoilas, Senior Associate, 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.”
“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,” said Rick Homans, President/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.”
Lakeside Station is located 1.5 miles from an 1-4 exit ramp and just minutes from the I-4 and I-75 intersection in East Tampa. There are approximately 33 sites in Hillsborough and Polk Counties with potential for future industrial development along the I-4 corridor. Of those sites, Lakeside Station is one of the few with the capacity to create a master-planned industrial park.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
elizabeth.cross (at) cbre (dot) com
danieljimenez (at) cbre (dot) com