Creation Commences 330 KSF Tampa Logistics Project

Creation has broken ground on 301 Exchange, a three-building, 330,000-square-foot Class A industrial park in East Tampa, Fla. The project is being developed through a joint venture with PCCP.

The development is valued at $65 million and is entirely speculative at this point, a Creation spokesperson told Commercial Property Executive.

301 Exchange is on a 51-acre site at the intersection of U.S. 301 and East Sligh Avenue, about two minutes from Interstate 4, with direct access to Interstate 75.

The park’s three rear-load buildings will range from 100,101 to 129,317 square feet, each with 32-foot clear heights and two points of ingress and egress. LGE Design Build will serve as architect and general contractor. Delivery of the project is scheduled for the end of 2027.

301 Exchange is Creation’s first Florida development and a milestone in a statewide expansion that has totaled nearly 1 million square feet and $200 million in deal value in less than two years, according to the company.

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In a prepared statement, Luke Georgiadis, Creation’s East Coast principal, remarked that 39 of the site’s 51 acres are designated as wetlands and that it took nearly a decade of entitlement work to bring the project to this stage.

Creation has headquarters offices in Tampa, Phoenix and Dallas and currently manages $4.5 billion in active development projects. It’s pursuing development opportunities across South Florida, Orlando, Fort Myers and Jacksonville, as well as the Nashville and Atlanta metro areas.

Industrial vacancy continues to climb

Tampa Bay’s industrial vacancy rate rose 80 basis points quarter-over-quarter and 60 basis points year-over-year to 8.2 percent, according to Cushman & Wakefield’s third-quarter report.

In the most recent quarter, the market experienced almost 197,000 square feet of negative net absorption, though year-to-date absorption remained positive at 686,000 square feet. As of the quarter’s end, 1.3 million square feet was under construction across the market. The report predicts that vacancy will likely rise in the near term, particularly in Hillsborough County, as speculative construction adds supply.

In July, MDH Partners acquired three industrial buildings totaling 557,100 square feet in Lakeland, Fla., from Stonemont Financial Group for $67.7 million, in a transaction brokered by JLL Capital Markets. The buildings are part of the 90-acre Lakeland Commercial Center, near the interchange between Interstate 4, U.S. Route 92 and Florida State Route 570, about 30 miles northeast of downtown Tampa.