Large new retail tenant leases have the first two buildings of The Park @ 429 industrial park in Ocoee at 96 percent occupancy, with another two lots now under contract to direct users for their own 50,000-square-foot buildings.
The newest signee is Maintenance Supply Headquarters, which will lease 88,554 square feet for its first Orlando market distribution center at the new warehouse park. It's the last large chunk of space in the first phase, which consists of 441,175 square feet across two buildings by owner-developer BlueScope Properties Group.
The Houston-based web retailer sells a wide array of replacement parts for home appliance repair, fixtures, flooring and more with a special focus on the multifamily housing industry. Rich Davis of Colliers International represented the new tenant.
"MSHQ recognized the access and exposure on S.R. 429 that this location could give them," said Matt Sullivan, managing director and principal with Cite Partners, which represented BlueScope in the lease.
The other large new tenant for The Park @ 429 is City Furniture, which has signed a 10-year lease for a full building of 246,031 square feet. It should be delivered for buildout in April, with an estimated tenant completion by October, and will serve the retailer's growing store footprint in Central Florida.
The Class A building at 300 E. Crown Point Road offers 32-foot clear heights, a 185-foot truck court, 85 trailer parking spaces and frontage on S.R. 429.
"They had been looking in the market for a distribution point, wanted frontage on a major highway and there are so few of those sites available," Sullivan said. "This location provides a triangular distribution model that works for them."
City Furniture was drawn to the Ocoee development's close access to the Western Beltway, Florida Turnpike and East-West Expressway, all of which will help it serve new stores planned in Altamonte Springs and Orlando's Millenia area, and its one established store now in The Villages.
Wilson McDowell, Sullivan and Bobby Isola of Cite Partners represented BlueScope in the lease, while City Furniture was represented by David Hale ofJulius M. Feinblum Real Estate.
The Park @ 429 consists of four lots, the first of which (Lot 3) was bought and developed by BlueScope in June 2017.
Sullivan and McDowell of Cite Partners were the original minds behind The Park @ 429. They formed their own affiliate TSG Development in 2016, assembled more than 45 acres in Ocoee and earned rezoning, annexation and plan approval from the city for 645,000 square feet of light industrial space.
They still own Lots 1 and 2, which are under contract for sale to direct users, said Sullivan, with maximum building sizes available on the sites of 56,650 and 50,2000 square feet.
Plans for the final Lot 4 are being drawn up by the Cite team now, where they will likely be building a 65,000-square-foot warehouse on spec, Sullivan said.