Stonemont, PCCP Launch Tampa Project
A joint venture between Stonemont Financial Group and PCCP is developing TIA Executive Center in Tampa, Fla. Construction on the 100,620-square-foot facility is anticipated to start next month, with completion scheduled in the first quarter of next year.
The developer acquired the land for $3.6 million from Chestnut Hill Investments and received a $10 million construction loan from Byline Bank, according to public records.
Partners on the project include general contractor Frampton Construction, architecture firm Harley Commercial Architecture and engineer Kimley-Horn. JLL is handling leasing efforts.
The distribution center will rise in the Tampa Airport submarket and will feature 32-foot clear heights and speculative office suites. The space will be divisible to 33,000 square feet, to cater to smaller users.
Located at 6101 Johns Road, the facility will be 2 miles from the Tampa International Airport, providing easy access to highways 589 and 580. Downtown Tampa and Port Tampa Bay will be within 11 miles. The development will also be 1 mile from a two-building, 297,254-square-foot industrial park that recently changed hands.
Stonemont’s industrial expansion across Florida
Stonemont Financial Group’s portfolio currently comprises more than $5 billion of assets under management. The firm focuses on developing facilities in Florida, with more than 1.5 million square feet of industrial space underway in Groveland and an approximately 457,000-square-foot project in Ocala.
Last month, the company also completed South Florida Logistics Center 95, a 1.3 million-square-foot complex in Fort Piece, Fla. The speculative industrial park comprises a 1.1 million-square-foot cross-dock facility and a 245,000-square-foot rear-load warehouse.
Tampa’s industrial demand remains steady
Tampa’s industrial pipeline as of February comprised almost 5 million square feet of space under construction, according to a recent CommercialEdge industrial report. The metro’s vacancy rate clocked in at 6.4 percent, 140 basis point higher than the national average.
In February, a joint venture between Clarion Partners and Seefried Industrial Properties broke ground on the first phase of Park 4 Logistics Center in Plant City, Fla. The four-building, 860,120-square-foot logistics development will sit on 72 acres.
In December, Hines started construction on the last phase of Tampa Commerce Center, its first project in the market. The development, which will measure some 600,000 square feet upon full buildout, is already preleased by Ball Corp.
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