United Parcel Service (UPS) has signed a lease for the entire, newly completed distribution building at 27 Logistics Park, in Davenport.
The deal for the 207,676-square-foot building, which McCraney Property Co. constructed on a speculative basis and completed this summer, expands the package delivery company’s footprint in Polk County.
Steven McCraney, the development company’s CEO, says the 12.67-acre 27 Logistics Park’s building is alone among distribution properties in the area in facing Route 27, which provides greater visibility for tenants.
“We’re building a little less building than we could in a number of sites, such as 27 Logistics Park, to provide amenities that modern tenants need, such as room for tractor trailer storage and parking,” McCraney says. “We believe you have to be sensitive to not over-build a site.”
McCraney’s 27 Logistics Park also is adjacent to the company’s Park 27 project, a two-building development that sprung from a partnership with Northwestern Mutual. In all, the project contains 602,971 square feet of Class A distribution space.
There, 90% of the speculative space has been leased.
Additionally, the West Palm Beach-based developer is working on new industrial projects in Charlotte, N.C., and Orlando, McCraney says. The company controls eight million square feet of space under development or being planned in all.
McCraney says, too, that despite all the industrial growth along the Interstate 4 corridor, from Tampa to Orlando, he’s not worried that the region will become saturated anytime soon.
“There’s a 21-mile expansion of I-4 in process that will cost $2.3 billion and be a real game-changer for that market,” he says.
He notes, too, that building sizes and clearance heights have grown as logistics firms and distributors have become more sophisticated.
“The average (industrial) building size in the Lakeland market now stands at 425,000, and ceiling heights that had been 28-foot clear are now coming in at an average of 32-foot clear.”