Seefried Industrial Properties’ Plans For Distribution Site Near Downtown Orlando Move Forward

Jan 14, 2019 No Comments by

A planned distribution warehouse near downtown Orlando is moving through city approvals.

Atlanta-based Seefried Industrial Properties‘ proposed 115,280-square-foot logistics warehouse and distribution project will be reviewed by the city of Orlando’s municipal planning board on Feb. 19, according to city documents. It’s a step forward for the project slated to be built on a 18.8-acre site at the northwest corner of Grand Street and South Orange Blossom Trail now under contract by Seefried Industrial Properties, sources told Orlando Business Journal. The land previously was reportedly under contract by Indianapolis-based Duke Realty Corp., which later backed out.

The project will feature one warehouse building on vacant land that once hosted several mobile homes. Plans had called for three industrial buildings totaling roughly 170,000 square feet, as previously reported by OBJ.

Industrial is one of the hottest real estate sectors mostly because of the boom in e-commerce — led by Seattle-based giant Amazon.com Inc. as retailers want distribution centers closer to their customers so they can deliver products faster, sometimes in the same day.

This push toward delivering products faster to customers will mean more users are interested in similar developments in Orlando.

 

“As you continue to compress the required time to get product to the customer, the logistic requirement is getting closer and closer to the central business district,” said David Murphy, a senior vice president with CBRE Group Inc., who is not involved in the project.

The central business district/Winter Park/Maitland industrial submarket had a 2.2 percent vacancy rate, which is lower than Central Florida’s 5.2 percent vacancy rate, Cushman & Wakefield reported. In addition, the central business district’s average rent for warehouse/distribution space was $8.80 per square foot, which is higher than Central Florida’s average of $5.76 per square foot.

 

Source:  OBJ

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Industrial, Industry News, Land, NA
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