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Industrial Real Estate Developments

TPA Group ignites plans for new distribution building at Beachline International Corporate Center

Atlanta-based TPA Group is launching plans to develop the remaining property it owns within the International Corporate Center in east Orange County.

Recently submitted development plans show the company has assigned Richard Merkel, president at Highland Engineering Inc., to modify plans for roughly 40 acres at 8650 Transport Drive. The property was originally intended to feature two warehouse buildings, but new plans show a single large warehouse with 90 units in lieu of 126, and 10 additional parking spaces.

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Submitted conceptual plans depict the proposed building’s area to take up 438,720 square feet, but according to TPA Group’s website, the remaining land can accommodate up to 658,000 square feet of new industrial space. Atlas Collaborative is the architect.

Representatives at TPA did not respond to requests for comment.

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The 40-acre development site is part of the 60-acre International Corporate Park Planned Development, where the company built a 360,000-square-foot distribution center at the same address that’s leased to Special Logistics, a custom distribution services firm.

In 2016, TPA Group’s VIF II Beachline LLC sold the building to BREIT SE Industrial Propco 2015-B LLC, a company affiliated with Blackstone Group and its Revantage corporate services company, for $16.25 million.

Records show entities led by TPA Group chief executive J. Bradford Smith first began investing in the area, west of Transport Drive and south of Aerospace Parkway, around 2006. VIF II Beachline LLC purchased the 60-acre International Corporate Park PD for $6.96 million in 2008.

Today the area is shaping up with new industrial development.

Directly east of the ICP PD, developer Stephen Whitley is near developing two new warehouse buildings. The larger 143,000-square-foot warehouse is leased to Escalade Sports and the smaller 119,200-square-foot warehouse is being built in spec, he told GrowthSpotter.

Directly south, moving services company ACE Relocation Systems is building a new office 120,000-square-foot office. ACE Relocation affiliate TRW Vision LLC paid $1.9 million for the 10-acre property last year.

The ICP area sits within the boundaries of Tavistock Development Company’s 24,000-acre Sunbridge master-planned community., but the ICP PD is not part of the Sunbridge PD.

Greater Orlando’s industrial market finished off strong last year. According to a fourth-quarter industrial report by Lee & Associates Commercial Real Estate Service in Central Florida ended 2021 with 5.9 million square feet of total annual positive absorption — the most the Central Florida industrial market has ever produced, with more than half of that coming from the Airport/Southeast submarket.

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Direct vacancy rates decreased to 2.9% from over the 5.95% total market vacancy at the end of 2020. According to the report, there is more than 3.3 million square feet of speculative industrial development in Seminole and Orange counties under construction and 815,583 square feet of build-to-suit construction underway.

TPA Group is a private company that claims to have acquired, developed and sold more than $25 billion in investments. In Central Florida, TPA Group developed Verizon’s 220,000-square-foot office building at 899 Heathrow Park Ln., and the two-story, Edison at Primera office buildings spanning about 111,380 square feet collectively between Rinehart Road and I-4. It also developed the Topgolf facility in Lake Mary.

The company is known for its master-planned business parks and mixed-use parks, including Technology Park/Atlanta; Johns Creek, a mixed use park northeast of Atlanta that won the international real estate development prize FIABCI Prix d’Excellenc; and The Bluffs, a mixed commercial, retail and residential development in the Atlanta suburb of Canton.

Have a tip about Central Florida development? Contact me at arabines@GrowthSpotter.com or (407) 491-3357, or tweet me at @amanda_rabines. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.


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