There’s more to be done at one of Apopka’s major industrial parks.
Mack Sarieddine, a lead project engineer at Dave Schmitt Engineering, is requesting to meet with city planning officials to discuss a possible expansion of the 180-acre Mid-Florida Logistics Park on behalf of developer Bluescope Properties Group.
A conceptual site plan, which is labeled MFLP 2, shows the applicant seeks to expand the park by an additional 65.28 acres directly south of where The Coca-Cola Company is operating out of a 289,839-square-foot industrial facility.
The expansion would allow for 839,000 square feet of new industrial speculative space to be built. The conceptual plan, designed by C4 Architecture, contains five industrial buildings ranging from 110,000 square feet to 256,200 square feet.
Records show the current property owners are Laxmi Land Investment LLC, Sessions Plymouth LLC, Lisa Hill as trustee of the Long Long Hill Trust, and D. Wayne Simpson and Susie F. Simpson, acting as personal representatives of the estate of Rodney T. Simpson.
The developer would need to annex three out of four parcels into the city for the expansion to happen. Representatives at Bluescope did not respond to requests for comment.
In 2019, BlueScope paid $15.13 million for the first phase of its Mid-Florida Logistics Park property.
Using the affiliated company BPG Apopka Properties LLC, Bluescope then subdivided the property into five lots and sold either shovel-ready development sites or built-to-suit warehouses for a total of $128.2 million, according to deeds recorded in Orange County.
Operators at the park include Coca-Cola Co., Universal/Loews Hotels, e-commerce giant Amazon and Goya Foods.
Matthew Lederman, a managing director at Summit Real Estate Group, said he isn’t surprised the park is expanding. “This validates that the region is doing really well,” he said.
The company expects to break ground on a nearby 280,000-square-foot speculative industrial project, at 2800 General Electric Rd., later this summer.
He said tenant demand is so high that industrial developers are quickly filling up warehouses and logistics facilities. In his case, he adds, Summitt Real Estate Group is currently in talks with a prospective tenant that could possibly take up the entirety of a building.
In addition to Mid-Florida Logistics Park, BlueScope also owns The Park at 429, a 613,400-square-foot industrial development in Ocoee. The company is a subsidiary of BlueScope Steel of Melbourne, Australia. It focuses on building Class A industrial properties in markets throughout the United States and Canada.
Some of the key drivers to Orlando’s industrial hot streak include low vacancy rates and record absorption seen at the end of 2021.
According to a fourth-quarter industrial report by Lee & Associates Commercial Real Estate Services, 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.
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 are 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.