Stonemont Financial Group, a private real estate investment firm specializing in industrial development and net lease assets, announced today that it closed on the land acquisitions for two major industrial developments in Central Florida. Totaling 1.3 million square feet, the Class A projects include two warehouses in North Tampa and four in Lakeland, Florida, marking the latest chapter of Stonemont’s rapid expansion across the state.
In North Tampa, Stonemont will break ground this spring on Sunlake Business Center at SR-54, which encompasses two speculative rear-load facilities strategically located along State Road 54 and offers direct access to several major transportation routes leading to the greater Tampa metropolitan area. Building 1 totals 190,000 square feet and features a 32’ clear height and 309 parking spots for employees and visitors, while Building 2 is a 171,000-square-foot building with 32’ clear height and 231 parking stalls. The two facilities are designed to accommodate a range of user types and sizes, serving the need for more flexible industrial space within the market.
Stonemont is also underway on Lakeland Commerce Center at County Line, a four building industrial park in Lakeland, including a 148,100 SF, a 150,600-square-foot rear-load facilities, one 258,000-square-foot rear-load facility and one 348,740-square-foot cross-dock facility situated on the I-4 corridor just over 30 miles outside of Tampa. The development includes clear heights ranging from 32’ to 36’, a total of 254 dock doors and 840 auto parking and 450 trailer parking stalls available on-site. Amazon, Home Depot, ACE Hardware and City Furniture are some of the large national users that have recently set up shop nearby.
Both projects aim to address burgeoning demand among e-commerce and distribution users operating in some of the most supply-constrained markets in Florida and come on the heels of other recent closings in Ocala (457,000-square-foot speculative facility) and Groveland near Orlando (847,000-square-foot speculative facility).
“These projects mark our first speculative venture in the Tampa area and our first development in Lakeland, marking a significant step in our mission to fill a void within the region for Class A industrial product,” said Stonemont Vice President Avery Dorr. “Stonemont’s ability to develop best-in-class warehouse facilities that enhance operations and build long-term value for future tenants positions us well to meet the booming demand we’re seeing across the state. We know these developments will serve their markets well and we look forward to successful projects with our partners JLL and Frampton Construction.”
JLL is overseeing leasing and Frampton Construction is the general contractor for both projects.
Stonemont currently has over 4 million square feet of industrial space under construction across the state of Florida, including the addition of new ground-up projects in Groveland, Ocala and Port St. Lucie over the last month.
Tampa is one of the fastest-growing markets in Florida and the 18th largest metro area in the U.S. as total population is expected to rise by 6.5% in the next five years. It also possesses one of the strongest labor pools in the state, with the labor force growing by 15% in the last five years alone. Despite such strong fundamentals, the market is lacking in available industrial space for smaller users ranging from 50,000 to around 350,000 square feet. Stonemont’s new developments aim to accommodate these underserved tenants and provide Class A warehouse space for users looking to expand their presence in one of the most valuable markets within the state of Florida.
The greater Tampa Bay market saw an active year for industrial growth, with over 3.1 million square feet of construction deliveries and a vacancy rate below 4% for the last three consecutive quarters of 2021. Polk County currently has 333,000 square feet of speculative development under construction, and is expected to increase in 2022.