Stonemont Financial Group, a private real estate investment firm specializing in industrial development, acquisitions and net lease investments, announced today that it has broken ground on a seven-building, 259,255-square-foot industrial development in Ocoee, Florida just inside the State Road 429 corridor. Called 429 Business Center, the complex is expected to be completed by Q4 2024. Stonemont is partnering with SCOA Real Estate Partners in the project.
429 Business Center will be located on two sites fronting Ocoee Apopka Road, close to the Palm Drive intersection. The west campus will include four buildings ranging from 36,429 square feet to 71,228 square feet, with the east campus encompassing three buildings ranging from 14,282 square feet to 32,418 square feet. The development will offer direct access to State Road 429 and sits just 15-20 miles from Walt Disney World®, providing premium access for users who supply goods to the entertainment destination.
“There is a strong demand for facilities that can accommodate users within a smaller size range, and this project is a testament to Stonemont’s ability to recognize this need and get the job done despite ongoing market headwinds,” said Avery Dorr, vice president at Stonemont. “This site is one of the last infill locations available within the immediate area, and Stonemont continues to serve as a solution to ongoing corporate needs for all types of users. Orlando is one of the fastest-growing metro areas in the country, and we are confident that this state-of-the-art project will give future tenants a distinct competitive advantage in a rapidly growing market.”
Florida is the fastest-growing state in the country, and in 2022 the state brought in a 2% increase of new residents from the year prior. Orlando’s industrial market has reflected this growth, and last quarter saw 1 million square feet of positive absorption and a low vacancy rate of 4.6%, according to JLL. This demand for quality industrial space is expected to continue into the next year as the need for more distribution centers to accommodate consumer needs increases.
Stonemont remains bullish on the state of Florida as one of the top industrial markets in the country, and has heavily invested in Central Florida over recent years. The firm currently has over 1.5 million square feet of development under construction in Groveland, Florida; a four-building industrial park totaling 905,000 square feet under construction in Lakeland, Florida; and a 457,000-square-foot-facility under construction in Ocala, Florida.
JLL Orlando is handling leasing for 429 Business Center on behalf of Stonemont. HGR Construction, Inc. is serving as general contractor on the project.