Whitley Capital is preparing to introduce more than 260,000 square feet of industrial space to a vacant plot of land within Tavistock Development Company’s 24,000-acre Sunbridge master-planned community.
The privately held commercial real estate company just submitted an application in Orange County seeking to develop two large warehouse buildings on about 16.5 acres at 8695 Transport Dr., within the Lincoln International Corporate Park Planned Development.
The site sits within the boundaries of Tavistock’s Sunbridge community, but the ICP PD is not part of the Sunbridge PD.
Stephen Whitley, principal of Whitley Capital told GrowthSpotter, the Development Plan encompasses a 143,000-square-foot building that will be fully leased by a single-user once complete, and neighboring 119,000-square-foot warehouse he said will be built in spec.
Whitley decline to identify the company moving in. He’s working with JLL to market the remaining 119,000 square feet of industrial space.
Whitley Capital invested in the area last year, spending about $1.3 million for a little more than 26 acres of land on the eastern end of Transport Drive, where companies include Special Logistics Southeast, Disney Cruise Lines and the Swedish multinational home appliance manufacturer, Electrolux.
Earlier this year, Whitley Capital sold off a nearly 10-acre portion of the property to moving services company ACE Relocation Systems for $1.9 million. ACE Relocation is working with commercial developer Cadence Partners LLC to help develop a 120,000-square-foot office/warehouse for the company.
Prior to founding Whitley Capital, he served as a senior vice president at Liberty Property Trust for more than 20 years.
Last year he sold about 72 acres of land he helped zone to allow for about 830,000 square feet of industrial space for $21 million to an entity tied to Brookfield, after investing $12.2 million assembling the site in 2019.
The property is located just off the southwest corner of S. Orange Avenue and W. Taft Vineland Road, near the Orlando International Airport.
Industrial reports show, the most active areas throughout Metro Orlando, in terms of new industrial development, are located in the Silver Star/Apopka and Airport/Lake Nona submarkets.
According to a fourth quarter industrial report by JLL, the northwestern corridor surrounding the beltway brought the North Orange submarket to the forefront with 1.3 million square feet delivering during the year. Southeast Orange also saw large amounts of construction starts, with 55% of the current development activity throughout the metro area.
While tourism and hospitality employment remains depressed, gains in Orlando’s industrial sector saw positive absorption thanks to a steady demand for industrial space as more businesses weigh a heavier importance on last-mile-delivery services.
The region’s steady population growth, along with a sharp increase in online shopping and push for shorter delivery times, helped propel more e-commerce tenants to enter and expand in the market.
During the fourth quarter Humana leased 162,656 square feet at Prologis Park at AIPO representing the largest lease signed for the quarter, the report said.
Amazon is also taking occupancy of 561,750 square feet at Air Commerce Park in southeast Orange County, along with Sprouts Natural Market, which is building out a 134,500-square-foot distribution center at the industrial park.
Tavistock communities tend have lure e-commerce companies in the past. In 2019, Amazon opened its 850,000-square-foot fulfillment center in its Lake Nona community.
Meanwhile Sunbridge has entitlements to allow for 2.9 million square feet of industrial space. The master-planned community is located in the southeast quadrant of Central Florida in both Orange and Osceola County.
The Lincoln International Corporate Park PD is near State Road 528. Plans for area include adding new road systems that may eventually create a new mobility corridor between Orange and Osceola County.
EDITOR’s NOTE: This story has been updated to reflect the ICP PD is not part of Tavistock’s 24,000-acre Sunbridge PD, but lies within its boundaries.
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