{"id":1004521345,"date":"2021-04-12T02:12:57","date_gmt":"2021-04-12T10:12:57","guid":{"rendered":"http:\/\/internal.cpexecutive.com\/?p=1004521345"},"modified":"2021-05-15T10:24:14","modified_gmt":"2021-05-15T18:24:14","slug":"northpoint-development-begins-first-tampa-project","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/northpoint-development-begins-first-tampa-project\/","title":{"rendered":"NorthPoint Development Begins First Tampa Project"},"content":{"rendered":"
\"Tampa<\/a>

Tampa Airport Logistics Center. Rendering courtesy of Avison Young<\/em><\/p><\/div>\n

NorthPoint Development has acquired a 19.2-acre site in Tampa, Fla., where it will break ground immediately on Tampa Airport Logistics Center, an approximately 297,250-square-foot master-planned industrial project<\/a>. Avison Young is in charge with leasing the property.<\/p>\n

\n

READ ALSO<\/strong>: GID, Ivanho\u00e9 Cambridge Form Industrial Platform<\/a><\/p>\n

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The two Class A buildings, at 5450 Johns Road and 5416 W. Sligh Ave., are slated for delivery in the fourth quarter of 2021. Building 1 and Building 2 will be about 100,936 square feet and 196,318 square feet, respectively. WELBRO Building Corp. is the general contractor.<\/p>\n

The location offers easy access to the Veteran\u2019s Expressway (State Road 589), Dale Mabry Highway and I-275, reportedly making the logistics center appropriate for freight forwarding, last-mile and light assembly users, in a market with a high demand for large blocks of space.<\/p>\n

In a prepared statement, Tim McElroy, NorthPoint Development\u2019s director of industrial development, said that because of land constraints, new development in the area has been minimal for more than a decade.<\/p>\n

Tampa Airport Logistics Center is NorthPoint\u2019s first industrial project in Tampa.<\/p>\n

Avison Young Principals Clay Witherspoon, who is also managing director of the brokerage\u2019s Tampa operations, and Tim Callahan will oversee leasing services for Tampa Airport Logistics Center.<\/p>\n

Witherspoon noted in a prepared statement that \u201cdemand for industrial space over 50,000 square feet has remained consistently high near the airport\u201d for more than a decade.<\/p>\n

Stable industrial market  <\/h2>\n

Unsurprisingly, with its economy heavily reliant on leisure and hospitality, the Tampa Bay region saw unemployment continue to edge up in late 2020, according to a fourth-quarter report from Cushman & Wakefield. The industrial space market ended 2020 with a slight decrease (20 basis points) in overall vacancy, to 6.9 percent.<\/p>\n

Tampa Bay\u2019s West Side submarket had an overall vacancy of 5.5 percent on an inventory of 12.8 million square feet. The submarket was generally stable, with only a small amount of negative absorption in 2020 and just 60,000 square feet of space delivered, also according to Cushman & Wakefield.<\/p>\n

In February, Home Depot opened a 1.5-million-square-foot distribution center<\/a> at NorthPoint\u2019s two-building, 2.3 million-square-foot Dallas Global Industrial Center.<\/p>\n","protected":false},"excerpt":{"rendered":"

The upcoming logistics center will target users looking for large blocks of space in a tight industrial market.<\/p>\n","protected":false},"author":882,"featured_media":1004528431,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21748,21742,1612],"tags":[33022,32799,38189],"class_list":["post-1004521345","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-industrial","category-latest","category-tampa","tag-avison-young","tag-cushman-wakefield","tag-northpoint-development"],"acf":[],"yoast_head":"\nNorthPoint Development Begins First Tampa Project - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/northpoint-development-begins-first-tampa-project\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NorthPoint Development Begins First Tampa Project\" \/>\n<meta property=\"og:description\" content=\"The upcoming logistics center will target users looking for large blocks of space in a tight industrial market.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/northpoint-development-begins-first-tampa-project\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-12T10:12:57+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-05-15T18:24:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Tampa-Airport-Logistics-Center.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/northpoint-development-begins-first-tampa-project\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/northpoint-development-begins-first-tampa-project\/\",\"name\":\"NorthPoint Development Begins First Tampa Project - 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