California-based Panattoni Development Company is preparing for its second Build-to-Suit industrial warehouse development on Shader Road in the past three years.
Working through Maitland-based civil engineers IBI Group, the company filed a request for determination on Jan. 24 to build a 93,600-square-foot warehouse with associated parking and utility infrastructure.
Located at what will be 4211 Shader Road, the 5.18-acre vacant parcel is one of the last few undeveloped parcels in Phase 2 development of the Center of Commerce at Orlando industrial park, on the city's northwest side.
Named for now as the "Goodman Center of Commerce," site plans filed with the city indicate the project will be tilt-up wall construction with aluminum entryways and canopies. The company held a pre-app meeting on Jan. 5 with city planners.
The land owner, Panattoni affiliate Orlando Center of Commerce LLC, paid $403,000 for the site in October 2008.
The company is looking to replicate the success it had with a neighboring 12.12-acre site, which it also bought in October 2008 for $180,300. Panattoni held that land for seven years until it signed Tech Packaging for a Build-to-Suit 199,013-square-foot warehouse in 2015, then sold in April 2016 for $14.03 million.
Cite Partners' J. Wilson McDowell will serve as leasing agent for the new development. Cite Partners helped coordinate the sale of Panattoni's neighboring property last year.
"Speed to market is very important these days, so Panattoni has opted to permit the building so that we have the best chance to land a tenant in the market," McDowell said.
Panattoni's goal is to land one tenant to pre-lease for the maximum square footage, but would build for a tenant committed to less than the 93,600, McDowell said.
"The demand in this submarket is very strong with one of the lowest vacancy rates," he continued. "We have seen demand in a wide range of sizes in this submarket, but generally larger tenants give themselves more time, which allows for them to consider a Build to Suit."