IDI Plans Warehouse, Distribution Center in Florida
- Feb 14, 2008
IDI, an industrial real estate company based in Atlanta, has announced plans for a 1.3 million-square-foot business park to be built on 129 acres the firm bought in Fort Pierce, Fla., for $17 million.The park will offer a mix of Class A warehouse and distribution space in buildings ranging from 140,000 square feet to more than 400,000 square feet. Construction on the first building will begin in the summer. Larry Dinner, vice president of leasing for IDI in Florida, said the first offering would be a 150,000-square-foot speculative building that could be used for warehouse, distribution or light manufacturing. “We have a lot of flexibility,” he said, adding that it should be completed by the end of 2008. Construction on additional buildings won’t begin until the first one is at least 50 percent leased, Dinner said. He said IDI anticpates the remaining buildings would likely be marketed and constructed as build-to-suits. “The slowdown in residential growth hasn’t affected industrial at this point,” Dinner told CPN today. He noted that south Florida, in particular, has a lack of industrial land so the location of this property is ideal because it is bounded on the east by Interstate-95 and on the west by the Florida Turnpike. The cost of the project, to be called Crossroads Business Center, was not disclosed. IDI said it bought the land from St. Andrews Episcopal Church. Ron Kent of Coldwell Banker Commercial NRT represented IDI in the deal. Scott Helms, IDI vice president and regional development officer, said the business park’s location in St. Lucie County makes it ideal for regional distribution. Noting that it is the third-fastest growing county in Florida, Helms said St. Lucie is an emerging commercial hub. “From this location, approximately 70 percent of the population of Florida can be reached by truck in less than two hours,” Helms said in a release.This is the second project announced by IDI in about two weeks. CPN reported Jan. 28 that IDI plans to begin construction in March on the first phase of the Speedway Distribution Center in the North Fort Worth submarket in Texas. The first building, a 673,000-square-foot cross-dock distribution facility, will be part of the project’s four-building, 2.1 million-square-foot phase one. The speculative building is expected to be completed in October.At the same time it announced the Speedway Distribution Center project, IDI also stated that it had a purchase option on 940 acres in Denton, Texas. IDI officials noted the property, which would be called Port 35 North Business Park, could hold up to 10 million square feet of mixed-used space. The firm also said it was pursuing land purchases near the Union Pacific intermodal rail facility in southern Dallas.IDI is a full-service industrial real estate developer with eight regional offices including locations in Chicago, Los Angeles and Philadelphia. It has developed 119 million square feet of industrial space worth about $5.6 billion.