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Commercial Real Estate
Business Observer Friday, Aug. 31, 2018 3 weeks ago

Central Florida leases pair of buildings at Commerce center

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280,000 square feet developed on a speculative basis
by: Kevin McQuaid Commercial Real Estate Editor

Central Florida Development has fully leased a pair of new industrial buildings within its Central Florida Commerce Center project, in Lakeland.

The developer completed a first 140,000-square-foot building in the park on a speculative basis in April, and it was fully leased to Williams Sonoma, Carolina Logistics and Advanced Work Vans by the end of June.

“We felt, and feel, really good about the market, so we had a degree of confidence when we started the first Commerce Center building, but we were pleasantly surprised, too, that it leased up so quickly after completion,” says Jeff Lucas, a Central Florida executive.

Central Florida followed the success at its first building with construction of a second, speculative offering measuring the same amount in June. Like its predecessor, it was fully leased within weeks.

By the end of July, Tredit Tire and Motion Industries had committed to filling the entire building. Both companies are scheduled to move in by the end of the year.

Buoyed by the first two experiences, Central Florida plans to begin construction of a third, 140,000-square-foot industrial building in October, and complete the speculative project sometime in the initial quarter of 2019.

“We’re trying to take advantage of the really solid market for industrial right now, and we continue to be encouraged,” Lucas says.

In all, the company can develop an additional five buildings containing more than 500,000 square feet within the Commerce Center, he adds.

 

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