First Industrial Buys Site Near Orlando for $120M Industrial Park
- Mar 11, 2008
First Industrial Realty Trust Inc. has closed on the purchase of a 134-acre site west of Orlando, Fla., that will be developed as First Park Groveland, a warehouse/distribution center. The project is a joint venture with the California State Teachers’ Retirement System, the nation’s second-largest public pension fund. David Murphy and Kevin Hoover of CB Richard Ellis Inc. assisted First Industrial on the transaction. First Industrial did not disclose the terms of the purchase. Robert Krueger, Tampa-based regional director for First Industrial, told CPN that the company envisions a buildout of about 1.5 million to 1.7 million square feet over the next three to four years. The likeliest scenario, he said, would be three buildings with 30-foot-clear ceilings and cross-dock configurations. Krueger (pictured) estimates that the entire project, including additional infrastructure, could total $120 million by completion. The site has utilities and is already zoned and entitled, he said. The site fronts on U.S. Highway 27, a major connection between Orlando and I-75, and is adjacent to the Christopher C. Ford Commerce Park, developed over approximately the last 20 years by Lake County, which has so far sold more than 700 acres there. Ford Commerce Park, home to such tenants as Circuit City Stores Inc., Goodyear Tire & Rubber Co. and Domino’s Pizza, “proved that people like that location,” Krueger told CPN . “That whole central Florida location works well logistically for a lot of companies.” Overall, First Industrial owns, manages or has under development more than 100 million square feet of industrial space, including 2.2 million square feet of industrial space and about 296 acres of developable land in central Florida.