When Missouri-based Summit Real Estate Group began its first warehouse development project in northwest Orange County late last year, company leaders hinted that this wouldn’t be their only splash into this scorching hot industrial market.
“We’re big believers in Central Florida,” managing director Matthew Lederman told GrowthSpotter in October when plans were unveiled for Crossroads 429, an industrial park that will one day bring 280,000 square feet of warehouse space to land directly across from Amazon and Coca-Cola distrubition centers.
“We have eyes on other projects in Apopka,” he added at the time.
Sure enough, less than a year later — while crews are still clearing the Crossroads site for construction — the developer is gearing up for its second warehouse project in Apopka on land a few miles to the southeast.
Across both sites, once completed, the company will have a total of 540,447 industrial square footage available for use.
The latest project in the works is titled 451 Commerce. This project is slated for four parcels totaling 22 acres along the southeast intersection of S.R 451 and Marshall Lake Road.
That’s roughly two and half miles from Summit’s Crossroads 429 project, located at 2800 General Electric Road, on the east side of S.R. 429, just south of S.R. 437.
Both industrial spots, once complete, will consist of two speculative warehouse buildings a piece of varying sizes.
The Crossroads 429 site will include one warehouse totaling 98,758 square feet and another, the largest on both properties, measuring 181,679 square feet.
Leaders with Summit Real Estate Group told GrowthSpotter that the project should be complete by the end of this year. Even though vertical construction has yet to start, businesses have already expressed interest in moving in.
“We are seeing the demand, said Max Holter, managing director of investments with Summit Real Estate Group. “We already have activity. We’ve found this market to be a great place to do business.”
The 451 Commerce project would introduce another 260,010 square feet of industrial space to Apopka — one building of 116,500 square feet, the other of 143,510 square feet.
Stock & Associates is the project’s engineer.
This property sits just north of where Cadence Partners is working to bring a 760,000-square-foot warehouse to its Northstar Logistics Center.
Meanwhile, Crossroads 429 is located across S.R. 437 from the 180-acre Mid-Florida Logistics Center, developed by Blue Scope Properties, that’s home to distribution centers for big-name companies Amazon, Coca-Cola and Goya.
It’s also south of where Lakeland-based Blue Steel Development is planning two separate industrial parks west of the Orlando-Apopka Airport that will eventually hold more than 3 million square feet of industrial space.
According to a market report by national brokerage firm Colliers International, there was 4.2 million square feet of industrial space under construction across Central Florida in the first quarter of 2022. More than a third of that development during that timeframe, 1.9 million square feet worth, is happening in Northwest Orange County.
With so many similar projects occurring simultaneously within five miles of the Orlando-Apopka Airport, leaders with Summit said it’s important to make sure warehouses they introduce to the Central Florida market come in all shapes and sizes.
“We can accommodate users anywhere from 30,000 square feet to 180,000 square feet,” Holter said. “It’s a very flexible building type.”