Hines has begun construction of the four-building Tampa Commerce Center, a Class A industrial park in Tampa, Fla. The project is Hines’ first industrial development in the area and could exceed 600,000 square feet.
The location is near Tampa Executive Airport, on Harney Road just south of Temple Terrace Boulevard, providing easy access to and from I-75 and I-4.
Phase one will consist of two buildings to be constructed concurrently. Building 100 is an approximately 150,000-square-foot rear-load facility with 32-foot clear heights, 44 dock-high doors, two ramps and three-phase 1,600-amp power.
Building 400 is an approximately 250,000-square-foot cross-dock facility with 36-foot clear heights, 66 dock-high doors, four ramps and three-phase 3,000-amp power.
Both buildings will feature ESFR sprinkler systems and LED lighting.
READ ALSO: Rising Costs, Limited Supply Place Pressure on Thriving Industrial Property Market
Two further buildings are tentatively configured as 124,000 square feet and 79,500 square feet.
Hines stated that it intends the development to offer a “diverse mix of size configurations” to appeal to a range of industrial users in e-commerce, logistics, and the food and beverage sectors.
In a prepared statement, Hines Managing Director Ryan Wood referred to the location as “an untapped market with strong growth potential for the industrial sector.”
Construction on phase one of Tampa Commerce Center is expected to be completed in the fourth quarter.
The project was designed by Randal Paulson Architects and is being built by Miller Construction Co. Hines has chosen JLL as the park’s leasing agent.
Attractive area
Metro Tampa’s industrial space market is seeing asking rents reach new records as a result of “sustained low vacancy” and “unrelenting tenant demand,” accompanied by limited speculative construction, according to a first-quarter report from JLL.
The East Side warehouse/distribution submarket currently has a total availability of 6.8 percent on an inventory of 58.9 million square feet, and 2.5 million square feet under construction, also according to JLL.
In April 2021, NorthPoint Development made its own initial foray into Tampa, acquiring a 19.2-acre site with plans to immediately break ground on Tampa Airport Logistics Center, an approximately 297,250-square-foot project. The two Class A buildings were scheduled to deliver in the fourth quarter.
