The industrial park is entering the next phase of development
A second phase of development is now underway at Lakeside Logistics.
The more than 1,000 acre industrial park on Henderson Way in Plant City had its groundbreaking in July 2019 and the first phase of development delivered a 36 foot clear, 500,160 square foot, cross-dock warehouse distribution facility.
“The I-4 corridor continues to be attractive to logistics users looking to cover a broader population base. Diminishing options for speculative industrial development in East Tampa, together with explosive growth in Plant City and Lakeland, is paving the way for developments of this nature,” Moses Salcido, SIOR, Managing Director/Principal of Development for Foundry Commercial, said. “The second phase of Lakeside Logistics provides an institutional-grade option for both local and regional distribution needs for these markets.”
Foundry Commercial and Stockbridge announced earlier this month they have closed on the second speculative development at Lakeside Logistics.
The development will include two buildings totaling 414,000 square feet. Foundry Commercial plans to develop additional phases at Lakeside Logistics, which – when finished – will total over 1 million square feet.
To date, Foundry Commercial has developed over 8 million square feet in the industrial asset class, with another 6 million currently under development.
Foundry was also involved in the initial development at Lakeside Logistics. Salcido said the company hopes to deliver the two buildings in the next 10 to 12 months and is aiming for an April/May 2022 timeframe for opening. The strategy for the current development is a bit different than the initial project as the company is aiming to build two smaller buildings to draw in tenants that are looking for decent sized spaces without needing a massive warehouse.
“With the scarcity of land in the area and the limited supply of development of this nature, finding a spot like Lakeside Logistics that is near I-4 and situated between Orlando and Tampa is such a benefit for tenants,” Salcido said. “Much of the growth we are seeing not only in Plant City, but also in west Lakeland, was really driven by the demand that started in Tampa. The Tampa market has proven to us that they’re migrating east and while Plant City is still new to the game, they are certainly becoming a valued destination for these types of developments.”
Salcido said additional phases down the road will focus on a common theme: furthering access via roadway construction. He said there are two more phases — perhaps even three — planned at Lakeside. The next phase(s) will focus on larger buildings, 500,000 and 650,000 foot buildings, which Salcido said will easily attract a larger tenant as agreements of that size require intense prior planning.
The property is set to accommodate a variety of further development and could sustain quite a bit more than what is planned if the need arises. However, the groups are taking one step at a time and are focusing on bringing the current two buildings to life and marketing the next two phases before looking any further ahead.
For continuing project updates as Phase II gets underway, visit lakesidelogistics.info.