Atlanta-based industrial real estate investment group MDH Partners closed Tuesday on the purchase of 52 acres at the I-4/U.S. 27 interchange and will start speculative construction in a few weeks on 795,753 square feet of industrial park space to serve the Orlando market, CEO Jeff Small told GrowthSpotter.
While the buildings are being developed on spec and MDH has yet to start formal marketing of the space, Small said they have already received inquiries from distribution tenants that want to serve the Orlando market.
"Orlando's growth and the development at this interchange has made it a focal point for distribution center business to serve the Orlando market," he said.
Located just a few miles southwest of ChampionsGate and 28 miles from Orlando, the major interchange in Davenport drew major investments in 2014 by Amazon with a 400,000-square-foot distribution center, and a planned 300,000-square-foot DC for FedEx Ground Shipping Center Services.
Gov. Rick Scott also announced on Sept. 17 that Walmart Stores had chosen an industrial park near the intersection to build two new fulfillment centers totaling 2.2 million square feet, which will be dedicated to shipping online orders.
Dubbed the Four Corners Business Park and located on Homerun Boulevard, MDH Partners will break ground in a few weeks on the smallest of three planned buildings (Building 100 - at 112,580 SF). Construction will follow in the coming months on Building 200 (394,513 SF), while Building 300 (288,660 SF) would come last. Buildings 100 and 200 should open by June 2016, he said.
MDH Partners has yet to sign its general contractor for construction, but Small said a firm has been selected, which he declined to name.
Sale documents for the Polk County land were not immediately available Wednesday, but Small said that at 795,753 total square feet under roof and an all-in investment cost of roughly $55 per square foot, MDH Partners' total investment in the project would approach $43.76 million.
The project is registered with the U.S. Green Building Council, and will pursue certification under USGBC's LEED program. The property will feature cross dock and rear load capacity, with Class A concrete tilt-wall industrial facilities.
Prior to this land buy, MDH Partners paid an estimated $11.5 million on Sept. 16 to break into the Orlando market, buying three warehouse parcels in the Richmond Heights neighborhood.