NorthPoint Development to Build 1.4 MSF Target Facility

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NorthPoint Development has acquired a four-parcel site in San Antonio, Fla., that will be the future home of a Target fulfillment center, according to Tampa Bay Business Journal. The firm acquired the 170-acre property for $59 million from Chestnut Hill Investments, public records show. Cushman & Wakefield marketed the asset on behalf of the seller.

Chestnut Hill’s development plans for the four parcels that make up I-75 Logistics Center had initially featured 1.1 million square feet of industrial space, to be delivered in a two-building design or in a single-building configuration.

Instead, the site will be home to a 1.4 million-square-foot industrial building with 1,874 feet of frontage on Interstate 75. Target Corp. will use the facility as an e-commerce fulfillment center. The project is expected to bring 2,400 jobs to Pasco County.

The property’s location, at the northeast quadrant of Interstate 75 and State Road 52, provides distribution access to many Florida markets, including Tampa Bay and Orlando.

Bringing better roads to the area

NorthPoint received approval from the Pasco Board of County Commissioners for the industrial project in June, according to a Patch report. While the focus is to build out I-75 Logistics Center, the developer’s plans also call for nearly $10 million in road improvements in the area. The firm also acquired a 51-acre parcel north of I-75 Logistics Center in September, according to public records.

Besides its Pasco County project, NorthPoint has several industrial properties throughout Florida including in Jacksonville, Ocala, Brookville and Tampa. One of these properties is Tampa Airport Logistics Center.