Red Rock Developments of South Carolina is bringing its experience developing industrial spec projects in Atlanta and elsewhere to the Interstate 4 corridor
by: Kevin McQuaid l Commercial Real Estate Editor for the Business Observer
(December 6th, 2019) –
Bolstered by low overall vacancy and what it believes will be long-term occupier demand, a South Carolina-based developer intends this month to begin construction on a $35 million distribution center in Plant City.
Red Rock Developments, of Columbia, S.C., plans to build its County Line Distribution Center three miles from Interstate 4 on a speculative basis, company officials say.
Red Rock officials and its partners — Lakeland-based Aspyre Properties and Wharton Industrial, of New York — expect to deliver the 510,272-square-foot project during the latter half of next year.
“Florida is experiencing tremendous population growth, and at the same time, consumer sentiment is changing,” says John T. Barker Jr., Red Rock’s president and chief development officer.
“Consumers want goods faster than ever. That’s what’s led to a new set of industrial properties of 500,000 square feet and above. Five years ago, there weren’t a lot of those as there are today.”
Barker adds that the decision to go forward on a speculative basis also is a calculated one, based on Central Florida’s population growth — more than 18 million people live within a five-hour drive of the property — and tenants’ need to often occupy spaces quickly.
(Article continued on Business Observer website, link below)
About Red Rock Developments
Red Rock Developments is a national commercial real estate developer that focuses on single tenant developments for industrial and office users. With active developments in Atlanta, Central Florida, Greenville/Spartanburg, and Columbia, SC. Red Rock has developed over 18 million square feet of class A industrial space and continues to grow. Red Rock provides the full spectrum of development services including speculative industrial, build to suit, net lease advisory, project management and industrial park development.
About Aspyre Properties
Aspyre Properties is a Lakeland based commercial real estate developer focused on industrial and office properties in the heart of Central Florida. Aspyre has developed over one million square feet of class A industrial and office space. Current projects include multiple warehouses, three office buildings and an 800 space parking garage. For more information on Aspyre Properties, please visit www.aspyre.com.