USAA, Seefried Partner on 1.8 MSF Logistics Park

I-4 Logistics Park. Image courtesy of Colliers

USAA Real Estate and Seefried Industrial Properties broke ground this week on the first building at I-4 Logistics Park in Deltona, Fla., a 1.8 million-square-foot complex that will be one of Central Florida’s largest speculative industrial developments.

The development will be built in two phases and include four buildings. Phase One will see construction of the first building totaling 984,960 square feet, which is slated to deliver by January 2023.

The remaining three buildings will follow soon after in Phase Two and range in size from 112,860 square feet to 519,200 square feet. The larger buildings will include 40-foot clear heights, on-site trailer queuing, abundant car and trailer parking, multi-tenant capability and other state-of-the-art amenities.

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I-4 Logistics Park is located directly off Interstate 4, just 10 miles north of the beltway around Orlando, Fla., in the city of Deltona. Heading south along I-95 from Jacksonville, Fla., the next closest industrial development that can currently accommodate users seeking more than 250,000 square feet of space is 150 miles south in Fort Pierce, Fla. The industrial park will offer one of the few large warehouse facilities between Jacksonville and Miami. It’s equidistant from Jacksonville and Tampa, Fla., and has easy access to South Florida, according to Lee Morris, executive managing director at Colliers, who is handling leasing for the project.

Morris said in prepared remarks the industrial park will be a great fit for companies looking for a large-scale e-commerce, distribution or manufacturing facility. He noted the Central Florida industrial market has seen tremendous growth over the last two years, adding key logistic facilities for FedEx, Lowes, Home Depot, Imperial Dade, Dollar Tree, Kroger, Walmart and Amazon. In 2021 alone, more than 7.8 million square feet of industrial space was leased in the market, the most recorded in a single year, Morris said.

Longtime partners

The two firms are longtime partners working on numerous projects across the country for more than 10 years. In December, the companies announced they were developing East Gate Logistics Center, a nearly 1.3 million-square-foot facility in Forney, Texas. Located about 20 miles east of downtown Dallas, it will be the largest speculative industrial project to date in the Dallas-Fort Worth market.

A month earlier, USAA and Seefried began construction on a 1 million-square-foot build-to-suit warehouse and distribution center in Visalia, Calif. The building in the growing Central Valley industrial market will be occupied by Ace Hardware. Located within Visalia Industrial Park, the site is equidistant from the Port of Oakland to the north and Ports of Los Angeles and Long Beach to the south.

Also in California, USAA secured an $81.6 million construction loan in January for the development of Beaumont Crossroads II, a 2.8 million-square-foot logistics park in Beaumont in Riverside County that is being developed with McDonald Property Group. The facility will serve as an Amazon fulfillment center, according to CommercialEdge.