Atlanta-based McDonald Development Company is preparing to break ground on its fourth spec industrial building in the Lee Vista Commercial Park, and is seeking a construction lender within the next three months, a lead executive with the company told GrowthSpotter.
Planned for a 7.8-acre site at 7455 Emerald Dunes Dr., the new "Building G" would have 156,283 gross square feet, comprised of 140,655 square feet of warehouse and 15,628 square feet of office.
The warehouse would feature 30-foot clear heights and 24 rear loading bays. Recently filed engineering and construction plans remain under review by the City of Orlando.
McDonald previously developed industrial buildings D, E and F at Lee Vista, totaling 479,000 square feet across more than 28 acres. Those buildings sold for $47.9 million last October to global equity REIT Colony Capital, and their lease performance of 95 percent or more made clear the market's unmet demand, said Greg Toepp, vice president of construction with McDonald.
The developer is currently fielding bids from four general contractors for the project with aim to break ground in July, he said. HKM of Sanford built McDonald's last building in commercial park and is one of the bidders.
No tenants have pre-lease agreements on the space yet. Tom McFadden of Lee & Associates is marketing the project for McDonald.
McDonald paid $1.7 million in August 2016 for the vacant 11.2 acres from Famlee Investment Co., as it has a standing agreement with the Lee family to take down segments of its property in Lee Vista over time for development.
Toepp declined to confirm the total projected investment in the new building, but noted McDonald is still seeking a construction lender by June to cover an estimated 65 percent of cost, paired with its equity partners.