PLANT CITY, FLA. – Avison Young today announced Clarion Partners and Seefried Industrial Properties started construction on Phase One of Park 4 Logistics Center, a new four-building, 860,120-square-foot industrial development in Plant City, Florida, and tapped the brokerage firm for exclusive leasing services. In 2023, Clarion purchased the 72-acre property at Park Road and N. Frontage Road off of Interstate 4 and partnered with Seefried to develop the project in two phases with Phase One delivering in fourth-quarter 2024:

• Phase One: Delivery 4Q 2024
  • Building 100 – 218,960 square feet
  • Building 200 – 247,520 square feet
• Phase Two: Delivery TBD
  • Building 300 – 169,000 square feet
  • Building 400 – 224.640 square feet

“Most of the industrial inventory that has come to market over the past three years has focused on 100,000 to 500,000-square-foot users, causing large spaces to sit vacant for longer periods of time. Park 4 Logistics Center will meet the demand of the growing number of businesses seeking spaces between 40,000 to 75,000 square feet,” said Clay Witherspoon, Principal and Managing Director of Avison Young’s Tampa operations. “The project’s location is ideal, as it’s only 13 miles away from the East Tampa corridor where land and development are scarce. The close proximity to the I-4 interchange makes it superior to the competition.”

During the second half of 2023, the landscape of industrial tenant demand swiftly changed in the Tampa Bay market. According to Avison Young, deals within the range of 100,000 to 250,000 square feet saw a significant decline of 62.8% compared to 2022. In 2023, the primary demand focused on spaces ranging from 50,000 to 100,000 square feet, constituting the largest share of leasing activity at 29%. Meanwhile, asking rates for industrial product in Tampa Bay increased 11% year over year in 2023 to $10.68 per square foot triple-net. Class A tenants in land-constrained areas continue to pay a premium. Rents are typically below the market average while just minutes away in Plant City.

“We saw great potential in the property and are excited to develop a Class A logistics park to meet the specific needs of the Tampa Bay market,” said Dave Trent, Vice President of Asset Management with Clarion Partners. “We are excited to work with Seefried Industrial Properties, a long-standing development partner, and Avison Young as the leasing agency on this on-time project.”

In Central Florida alone, Clarion Partners owns over 5.5 million square feet of stabilized industrial space and has another 4.75 million square feet in different stages of the development pipeline.

The real estate investment management company has worked with Seefried on numerous industrial projects across the U.S.

“Park 4 Logistics Center is a testament to our long-standing and fruitful joint-venture relationship with Clarion Partners,” said Paul Seefried, Senior Vice President of Seefried Industrial Properties. “As development partner, we look forward to delivering another high-quality industrial asset as the market continues to shift and grow.”

Right off of exit 22 of Interstate 4, Park 4 Logistics Center will boast excellent visibility to 127,000 cars per day. It is centrally located, just 16 minutes to Interstate 75 in Tampa and 52 minutes to Florida’s Turnpike in Orlando.