Stonemont Wraps 1.3 MSF Industrial Project

Stonemont Financial Group has completed South Florida Logistics Center 95, a two-building, 1.3 million-square-foot speculative industrial complex in Fort Pierce, Fla.

South Florida Logistics Center 95 is at the intersection of South Kings Highway and Orange Avenue, nearly adjacent to an I-95 interchange. According to Stonemont, the project was developed with features tailored for users in the e-commerce and 3PL arenas.

Building 1 is a cross-dock facility totaling 1.1 million square feet, with 40-foot clear heights. It’s reportedly the largest speculative building in Southeast Florida. Building 2 is a 245,000-square-foot rear-load facility with 32-foot clear heights.

Sky Groden of JLL Fort Lauderdale is handling the leasing on this project.

Stonemont’s partners on South Florida Logistics Center 95 include Evans General Contractors as the general contractor, Ware Malcomb as the architect and Engineering Design & Construction Inc. as the civil engineer.

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Stonemont reported that it has more than 1.5 million square feet under construction in Groveland, Fla.; a four-building industrial park totaling 905,000 square feet under construction in Lakeland, Fla.; and a 457,000-square-foot-facility under construction in Ocala, Fla.

Strong rent growth

South Florida finished the fourth quarter of last year at a 3.1 percent industrial vacancy rate, which was up slightly from 2.3 percent a year prior, according to a January report from Lee & Associates. In what was in comparison a major change, the average asking rent jumped year-over-year from $14.32 per square foot triple-net to $17.15 per square foot.

This past October, Stonemont Financial Group and joint venture partner The Davis Cos. completed two industrial buildings totaling 2.7 million square feet at the 1,150-acre Georgia International Trade Center in Rincon, Ga., near Savannah, Ga. 

The following month, Stonemont delivered Lakeshore Corporate Park, a three-building Class A industrial campus totaling 702,250 square feet in Kannapolis, N.C. The property was developed in partnership with Fortius Capital Partners.