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Tampa Bay-Lakeland
Business Observer Tuesday, Feb. 22, 2022 5 months ago

Atlanta investor to build nearly 1.3 million square feet of industrial space locally

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Stonemont Financial Group to build six facilities between Tampa and Pasco County
by: Louis Llovio Commercial Real Estate Editor

TAMPA — An Atlanta-based real estate investment company has bought two local properties and will build almost 1.3 million square feet of industrial space.

The plan from Stonemont Financial Group includes six warehouses in Pasco County and Lakeland that “aim to address burgeoning demand among e-commerce and distribution users operating in some of the most supply-constrained markets in Florida.”

A spokesperson says in an email that the company does not want to disclose the cost of the project.

The Pasco project, on State Road 54, will break ground in the spring. The first of two buildings will be 190,000 square feet and include 309 parking spots. Building two will be 171,00 square feet with 231 parking spaces. Both, according to Stonemont, are being built to accommodate a range of potential users.

In Lakeland, construction has begun on the Lakeland Commerce Center at County Line. This project includes four buildings — 148,100 square feet, 150,600 square feet, 258,000 square feet and 348,740 square feet — near Interstate Four. The development will include 254 dock doors, 840 automobile parking spots and 450 trailer parking stalls available on site.

The company is also building a 457,000-square-foot facility in Ocala and an 847,000-square-foot facility in Groveland. In all, the company has more than four million square feet of industrial space currently under construction in Florida according to a release announcing the local projects.

All the properties are being built on spec.

Atlanta-based Stonemont specializes in industrial development and net lease assets. It currently has 15 million square feet of Class A developments under construction.

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