Rendering of 200 Powell Road, part of the 300,000-square-foot project. Image courtesy of Trammell Crow Co.
Trammell Crow Co., in partnership with STAG Industrial, has broken ground on a 300,000-square-foot, two-building industrial project in Gibsonton, Fla. The buildings are scheduled for delivery in the third quarter of 2024.
Welbro Building Corp. is the general contractor, C4 Architecture serves as architect of record and Atwell as civil engineer. The development team also includes DMS as the LEED consultant and CBRE as the leasing agent.
STAG purchased the adjacent land parcels for a total of $8.9 million, according to Hillsborough County records.
This is TCC’s first Florida project developed with STAG Industrial, added the company’s Senior Vice President, Brendon Dedekind, in prepared remarks. The project will comprise two adjacent buildings, measuring 160,000 and 140,000 square feet, that will be located at 100 and 200 Powell Road. The one-story facilities will include 32-foot clear heights, office space, a truck court and trailer parking.
The two development sites total 30 acres, near Interstate 75, roughly 15 miles from downtown Tampa, Fla. and within 24 miles of Tampa International Airport.
Tampa remains solid for industrial owners
Tampa’s in-place rents stood at $7.23 per square foot as of August, and new leases were signed at an average rate of $8.35 per square foot over the past 12 months, a recent CommercialEdge report shows. The metro was outpaced by Baltimore, which had in-place rents at $7.53 per square foot and $9.73 per square foot in new leases, the same report shows.
Recent developments in Tampa include Sansone Group’s Tampa Cold Logistics, a 108,544-square-foot cold storage project in Ybor City, Fla. In May, the development received $26.6 million in construction financing and $13 million in equity from BentallGreenOak.
