617,046-square-foot distribution center planned for Central Florida
Wharton Industrial Developing Florida Crossroads Logistics Center,
Scheduled to Open Fourth Quarter 2019
OCALA, Fla. – (December 5, 2018) – Florida Crossroads Logistics Center, a 617,046-square-foot spec distribution center, is planned for the Central Florida city of Ocala, in an area fronting I-75 that’s proving to be extremely popular as a statewide distribution hub.
The facility, developed by Wharton Industrial, Red Rock Developments, and Westport Capital Partners LLC, will sit on 46 acres of land. The location is key, as it allows for same-day distribution to nearly the entire state of Florida – one hour from Orlando and Tampa, two hours from Jacksonville and four hours from Miami.
The facility, which is expected to be open by the fourth quarter of 2019, is being listed for lease as a spec building by Colliers International Central Florida’s Deborah Mickler, SIOR, Executive Managing Director of Industrial Services; and David Wilson, Associate.
The logistics center will be built in an industrial corridor off I-75 and US-27 in Ocala, near the Chewy.com, AutoZone and FedEx distribution centers. The corridor sees over 58,000 vehicles per day and has 1,500 linear feet of visibility along I-75. A total of 70 percent of truck traffic in and out of Florida passes through this area, and the location would enable a distributor to do same-day delivery to over 14 million people. Central Florida’s industrial market is tight at a 4.4 percent vacancy rate with 223 million square feet of industrial space, creating opportunities for new industrial space.
“We worked closely with our partners in identifying Ocala as an important gateway to distribution throughout Florida,” says Peter C. Lewis, President of Wharton Industrial. “The area benefits from great access and plentiful, capable labor which is essential to the larger tenants we are seeking to attract,” notes Lewis.
“The City of Ocala is excited to welcome this investment in our community and we’re ready to work. There is no better place in Florida than right here in Ocala to do business, raise a family, and thrive.” Said Ocala City Council President Matt Wardell.
Florida Crossroads Logistics Center is the latest in string of other projects that Wharton Industrial is developing throughout the southeast and northeast US. Currently, the firm has over 4 million SF in development or planning. “Like we have done with the other businesses we have built under the Wharton umbrella, we expect Wharton Industrial to be a major force in the development and ownership of industrial real estate,” adds Lewis.
Wharton Industrial is a platform company of Wharton Equity Partners, a New York City-based real estate investment firm formed in 1987. The company has extensive experience acquiring, developing and operating all asset classes, including having recently purchased in excess of $500 million of multifamily properties primarily in the southeast US through its affiliate, Wharton Residential.