Foundry Commercial Announces Plans for $50+ Million Industrial Park in South Orlando
Posted on January 21, 2016
--Crews Commerce Center to span over 730,000 square feet in premier Central Florida submarket--
ORLANDO, Fla. – Foundry Commercial, the commercial real estate firm formerly known as CNL Commercial Real Estate, announces today plans for the development of Crews Commerce Center (“Crews”), a 57-acre industrial development located in South Orlando.
The Crews facility will be a Class-A industrial park that will, upon full development, consist of six office/warehouse buildings spanning 739,410 square feet. Strategically positioned at the intersection of the Florida Turnpike and Taft Vineland Road, Crews will allow tenants access to four major roadways (441, 528, Taft Vineland Road and the Florida Turnpike, respectively) and will provide three different points of access; a number that is unprecedented at other competitive developments in the South Orlando submarket.
“To qualify as the best site for distribution in Orlando, it’s crucial to have access to major roadways,” said Moses Salcido, principal of development and investment at Foundry Commercial. “Crews Commerce Center will not only provide tenants with the opportunity to travel in any direction with ease, but it will also have the closest access points to all major roadways in the area. We couldn’t have asked for a more ideal location for this development.”
Principal Real Estate Investors will act as the capital partner on the development. Rob Klinkner, managing director for Principal Real Estate Investors commented, “We are excited about our re-entry into the Orlando industrial market, the strong forward looking demographics and a new relationship with a great JV partner”.
The site of the industrial park has long been sought-after by local and national commercial real estate developers, and was only recently put on the market by its previous owner, for whom the development is named. As industrial developments continue to move south and east from well-known Orlando Central Park, large tracks of land have become increasingly scarce. As one of the few remaining sites in the core Orlando industrial submarket, Foundry Commercial is focused on maximizing Crews for future tenants.
“Anyone who is familiar with industrial developments in Orlando knows that Orlando Central Park has been a staple for excellence in the area for decades. What we’re delivering is the Orlando Central Park for today’s user,” said Justin Ruby, senior vice president of brokerage services at Foundry Commercial. “Between functionality, visibility and accessibility, Crews is pushing the envelope on what tenants should expect from an industrial development. We’re proud to be part of that narrative.”
A few of Crews’ enhanced functionality features that will better serve future tenants include a higher clear height (30+ feet, compared to the standard 22 feet), increased truck court depth, column spacing to optimize tenant storage capacity and advanced fire suppression systems.
Construction on Crews will be divided into two phases, with phase one scheduled to begin in April 2016. The projected delivery date on the facility is January 2017.
About Foundry Commercial
Foundry Commercial is a full-service real estate services and investment company with 240 employees and nearly 30 million square feet of space under management across the Southeast and Texas. Foundry provides corporate services, brokerage, leasing, building management and project management services, and is the largest real estate service provider to religious and not-for-profit organizations in the Country. Foundry also includes a development and investment platform that is fully integrated into its services business, leveraging its local market expertise to control more than $500 million in advantaged investment opportunities in partnership with its clients. Foundry Commercial was founded as CNL Commercial Real Estate in 2007 and launched as Foundry in 2015 through a management led buyout. For more information, visit www.foundrycommercial.com.
About Principal Real Estate Investors
Principal Real Estate Investors manages or sub-advises $61.3 billion in commercial real estate assets . The firm’s real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG. For more information, visit www.principal.com.