Brennan Investment Group is going for a second large spec warehouse near the I-4/Polk Parkway Intersection north of Florida Polytechnic University. The Chicago developer recently closed on a 165-acre purchase from Ruthven I-4 LLC to the north and west of that interchange, Tampa Bay Business Journal reports.
Brennan is planning to build the 1.5-million-square-foot CenterState Logistics Park East there, with the first phase being a 1-million-square-foot speculative warehouse.
Total investment will be around $90 million, Brennan managing partner Bob Krueger told the Business Journal.
“We’re not seeing an end to the (I-4 industrial growth) cycle at all,” Krueger said. “People are building and leasing up. It’s getting harder to find good sites, but the activity’s been great.”
“Absorption of industrial space in this area has been driven, in part, by e-commerce responding to demand for same-day delivery to nearby population centers,” said Edward Miller, part of the team from Colliers International Tampa Bay that represented Brennan in the deal and will handle leasing.
Brennan previously developed CenterState West a half mile away on State Road 33 and sold the 600,000-sqare-foot spec warehouse last year for $59.6 million to a PepsiCo subsidiary that distributes Gatorade.