Hillwood, NASCAR Hit the Gas on Daytona Logistics Campus

Image by falco via Pixabay.com

Hillwood and NASCAR will develop more than 200 acres of land adjacent to NASCAR’s home base at Daytona International Speedway in Daytona Beach, Fla.

The project, called Commerce 500, will be developed in phases, with the possibility of eventually building out about 2 million square feet of industrial space, as well as new roads and infrastructure for the surrounding community.

The location, at the intersection of I-4 and I-95, is within a half-mile of the Daytona International Airport and its air cargo capacity.

Hillwood is underway on the first phase of Commerce 500, with a roughly 635,000-square-foot industrial building for an undisclosed e-commerce tenant.

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Last year, Hillwood and NASCAR announced a partnership to evaluate surplus land at 13 NASCAR motorsports facilities across the U.S. The Daytona Beach development is joining projects in the Kansas City, Mo., Miami, Southern California and Richmond, Va., markets.

The project in metro Miami is the 150-acre Speedway Commerce Center in Homestead, Fla., adjacent to NASCAR’s Homestead-Miami Speedway. The development has Amazon as an anchor tenant.

Steady growth

September 2020 saw the completion of Volusia County’s largest distribution center, a 1.1 million-square-foot facility developed by Seefried Industrial Properties and Clarion Partners, reportedly for Amazon.

Ongoing demand is keeping vacancy and availability steady in the metro Orlando industrial market, despite more than 3 million square feet of deliveries in 2021, according to a fourth-quarter report from JLL. Asking rents continue to rise and currently average $7.32 per square foot.

The submarket in Seminole County, immediately south of Volusia County, had an overall 5.5 percent vacancy in warehouse/distribution space, on an inventory of 6.5 million square feet, also according to JLL.