Repost from Tampa Bay Business Journal
written by: Ashley Gurbal Kritzer
In the less than two weeks that David Murphy has been marketing the Central Florida Intermodal Logistics Center to potential tenants, interest has been high — higher than anticipated.
Murphy, a senior vice president with CBRE Group Inc. in Orlando, said he’s had calls from a variety of industries — third-party logistics companies, retailers and commodity distributors.
“These users are seeking us out before we even had a flier done,” Murphy said Friday. “We don’t have a completed marketing flier and we’re getting calls from users asking about this project.”
Murphy, along with Kevin Hoover and Monica Wonus, were hired in early July by Winter Haven Industrial Investors LLC to market the 930 acres surrounding CSX Corp.’s intermodal terminal, which opened in April and is entitled for close to 8 million square feet of industrial development.
The facility — which moves freight between trucks and trains, with five 3,000-foot loading tracks and two 10,000-foot arrival and departure tracks — has the potential to bring thousands of new jobs to Central Florida. As retailers scramble for the fastest deliveries in the ecommerce race and all industries look for every possible efficiency in their supply chains, more will be looking to rail, Murphy said, which can be more cost effective than other modes of freight transportation.
Behind the development plans is a household name in industrial real estate: Mike Mullen, former CEO of CenterPoint Properties, who has developed some of the largest intermodal terminals in North America, the Joliet and Elwood, Ill., intermodal facilities outside of Chicago.
The city of Winter Haven sold the first phase of the industrial park land to Mullen’s Winter Haven Industrial Investors LLC for $8.5 million in early July, according to Polk County property records. The total investment in the park, Mullen has said, is expected to be close to $400 million.
The first phase of the park, a speculative 407,400-square-foot warehouse, is slated to break ground in October, Murphy said. He said his team is targeting large industrial users, with space requirements between 100,000 and 500,000 square feet.
“We would love to have companies already in Florida locate at this facility, and I think we’ll see that,” Murphy said. “What we’ve really been impressed with is large, well-known companies reaching out to us because they have intermodal locations in other cities and understand how it works.”
Murphy said asking rental rates on the property are around $4.75 per square foot including taxes, insurance and common area maintenance fees. The average asking lease rate in Polk County is $3.99 per square foot, according to CBRE second quarter data, but Murphy said he thinks that new construction, combined with access to the intermodal facility, will have no problem commanding a premium.
“I think what’s going to make this project so popular,” he said. “There may be a small premium to locate directly at the intermodal facility, but it will not be cost prohibitive.”
See original article here: http://www.bizjournals.com/tampabay/news/2014/07/29/csx-intermodal-facility-in-winter-haven-getting.html?ana=twt