Foundry Commercial Closing Out Phase 1A of Princeton Oaks Industrial Development, Moving Ahead to Lease Phase 1B
Posted on January 28, 2019
Amid increase of local construction projects, demand for industrial property continues to rise in this Class A project northwest of downtown Orlando
Orlando Fla. (January 28, 2019) – Drive anywhere near downtown Orlando these days, and you’ll notice a multitude of cranes hoisting elements transforming the city’s skyline and infrastructure. And all the companies supplying those projects with goods and labor need nearby industrial space to hold supplies, ensuring Class A industrial space like Foundry Commercial’s Princeton Oaks in the nearby Silver Star industrial submarket is in high demand. Located on 120 acres west of downtown Orlando near the intersection of John Young Parkway and Princeton Street, Princeton Oaks is an infill development, representing the last site in the immediate area to provide scale in this submarket.
When Phase 1A of Foundry Commercial’s Princeton Oaks project broke ground in the summer of 2017, it represented the first new light industrial building to be built in the submarket in the last 20 years. Today, Phase 1A is 85 percent leased with numerous leases out to take the project to capacity, so Foundry Commercial has opened leasing for Phase 1B of the project. Phase 1A encompasses two buildings totaling 229,200 square feet; Phase 1B includes three buildings that total an additional 280,800 square feet.
“We recently tallied the total investment in construction projects just in a two-mile radius of the center of downtown Orlando, and it’s upwards of $5 billion,” stated Moses Salcido, SIOR, principal of development and investment at Foundry Commercial. “Major construction projects such as the sports and entertainment district near the Amway Center, the Creative Village, UCF’s downtown campus, the second phase of the Dr. Phillips Center for the Performing Arts, and other key residential and commercial developments translate to tenants looking for industrial space nearby.”
And Foundry Commercial’s Princeton Oaks offers a unique value for those tenants. There’s only so much available land in the popular Silver Star submarket, so vacancy rates among the industrial properties have remained compressed resulting in a unique supply and demand dynamic favorable to development. Those low vacancy rates, coupled with the fact that most of the industrial offerings are older and don’t meet the needs of tenants, make Princeton Oaks a very attractive solution.
“Most of the industrial offerings in this submarket don’t check all the boxes for today’s tenants, who want to lease properties with ample parking and clear heights for increased efficiency in their warehouse spaces,” added Salcido.
Additionally, the recently announced 200+-acre mixed-use Packing District near the intersection of Princeton Street and John Young Parkway in west College Park has caught the attention of state urban planners who saw the need for a widened John Young Parkway, a major north-south artery adjacent to Princeton and to the East-West Expressway, adding lanes that Salcido says will benefit strategically positioned assets like Princeton Oaks.
Foundry Commercial’s Princeton Oaks development marks the second industrial project that the Central Florida-based full-service real estate services and investment company is building in Orlando. The recent $55 million Crews Commerce Center off Orange Blossom Trail near Florida’s Turnpike features three Class A buildings totaling nearly 338,000 square feet in Phase I is in design for a second phase adding another 400,000 square feet in south Orlando.
For more information about Princeton Oaks, visit https://www.foundrycommercial.com/properties/industrial/princeton-oaks.stml.
Photo Attached: Recent aerial photography of Foundry Commercial’s Princeton Oaks property.
About Foundry Commercial
Foundry Commercial is a full-service real estate services and investment company with 300 employees and more than 50 million square feet of management and leasing 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 one billion in advantaged investment opportunities with their JV partners. 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.
Lauren Leetun, APR