JLL Capital Markets arranges a joint venture between industry veterans; JLL retained to lease spec industrial development
JLL Capital Markets announced today that it has successfully arranged a joint venture between Scannell Properties and Hoover Development Partners for the redevelopment of a key industrial site located north of the air cargo entrance at the Tampa International Airport.
The subject property is positioned within one mile of the Air Cargo entrance for Tampa International Airport (TIA) in the Airport Industrial submarket. The Airport Industrial submarket is one of the tightest industrial submarkets in the Tampa area boasting a 1% vacancy rate. The newly branded TIA Logistics Center is anticipated to include up to 245,000 square feet of warehouse/distribution space together with commercial outparcels and will be the largest industrial spec project delivered to this submarket in more than 15 years. The developers are currently in the permitting and entitlement approval phase and expect to break ground in 2021.
The JLL Capital Markets team that arranged the joint venture was led by Julia Silva, Luis Castillo and Cody Brais.
The JV entity, SP HDP #467 LLC closed on the acquisition of the 20-acre site on November 12, 2020 for $4,800,000.00. Donamae Clinebell, Vice President for Thomas D. Wood & Company, assisted with the land acquisition efforts.
“Industrial last-mile and e-commerce demand has skyrocketed through the pandemic and the long-term outlook is very bullish on the sector,” Silva commented. “We are thrilled to have brought together key industry veterans to create a strategic vision for this significant development site near the Tampa International Airport.”
JLL’s leasing team of John Dunphy and Peter Cecora have been retained to lease the asset.
“The Airport submarket is one of the best performing submarkets in the Tampa MSA because of its centralized location and close proximity to Tampa’s International Airport,” said Cecora. “The majority of current tenants are here on a long-term basis, so supply is limited. Given that, along with the fact that we haven’t seen a new development of this scale in more than 15 years, we anticipate strong demand once construction begins.”
About Scannell Properties
Scannell Properties is a privately owned real estate development and investment company that focuses on build-to-suit and speculative development projects throughout the United States, Canada and Europe. In business since 1990, Scannell offers experienced leadership, a history of successful commercial development projects, broad geographic reach and expertise in a wide range of building types.
About Hoover Development Partners
Hoover Development Partners is a subsidiary of Legacy Development Partners, a Tampa-based real estate development company founded by veteran real estate developer Ken Morin and attorney Bryan Sykes. Utilizing their experience and expertise in developing challenging projects, Legacy Development Partners is positioned to develop multiple commercial projects in the greater Tampa Bay market and continue their legacy of successful developments.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
