Red Rock Developments is breaking ground
on third spec building in Florida
Red Rock Developments is breaking ground on third spec building in Florida
1,085,280 square foot distribution center in Ocala, Florida
Lexington Realty Trust selected as Strategic Partner
(June 1, 2021) – Red Rock Developments, along with its strategic partner Lexington Realty Trust, has broken ground and is moving forward with the development and leasing of Florida Crossroads Logistics Phase II (“FCL2”). This phase includes the addition of a 1,085,280 square foot, speculative industrial building located along Ocala’s I-75 industrial corridor. Phase II is expected to deliver in Q2 2022. In addition to Phase II, we are offering a 510,272 square foot (Phase III) cross dock distribution facility that is currently available for build-to-suit.
The facility, developed by Red Rock Developments, will sit on 126 acres of land. The strategic location allows for same-day distribution to the entire state of Florida – one hour from Orlando and Tampa, two hours from Jacksonville, and four hours from Miami.
“The Ocala Metro Chamber & Economic Partnership is excited to again partner with Red Rock Developments on their second spec building in the Ocala Metro market. Red Rock is an incredible partner, and we know this one million square foot facility will be another homerun for the company, future tenant, and the community,” said Kevin Sheilley, President & CEO of Ocala Metro Chamber & Economic Partnership (CEP).
FCL2 will be built in the industrial corridor off I-75 and 35th Street in Ocala, across the interstate from the Amazon, Chewy, AutoZone and FedEx distribution centers. The corridor sees over 74,000 vehicles per day and has 1,350 linear feet of visibility along I-75. With 70 percent of Florida’s truck traffic passing through this corridor, distributors are able to meet same-day delivery requirements to over 17.5 million people. Central Florida’s industrial market is tight at a 5.5 percent vacancy rate with 182 million square feet of industrial space, creating opportunities for new industrial space.
“Phases II & III will allow Florida Crossroads Logistics to continue providing unprecedented logistics opportunities for a variety of large-scale industrial users,” said Leah Barker Bailey, SIOR, Director of Real Estate & Development at Red Rock. “With access to a talented labor pool and the region’s top distribution networks, we’re confident users will continue to desire the strategic and geographic advantages Florida Crossroads can provide their operation.”
Brendan Mullinix, Executive Vice President and Chief Investment Officer of Lexington Realty Trust, commented, “We are pleased to once again partner with Red Rock Developments and provide financing for the project. The Florida Crossroads Logistics project will feature market-leading design specifications and site layouts. The Ocala market’s location and infrastructure make it ideal for statewide distribution, and this will be our second investment in Ocala in less than a year. We look forward to growing our presence in Central Florida, one of our target markets, and working with CEP and other local partners.”
The building is being leased by Bobby Isola, SIOR, CCIM; Wilson McDowell, SIOR, CCIM; and Matt Sullivan, SIOR, CCIM of JLL. “We are extremely excited to announce FCL2. The Central Florida industrial market continues to be white hot, and we do not see that demand changing anytime soon. Florida is one of the fastest growing states in the country and FCL2 is poised to provided unparalleled access to that growing population” said Bobby Isola, SIOR, CCIM. For additional information please contact JLL at (407) 982-8550.
The first phase of Florida Crossroads Logistics Center included a 617,046-square-foot spec distribution center that was leased by Amazon. Other notable tenants the immediate area include FedEx, Chewy and AutoZone.
About Red Rock Developments
Red Rock Developments is a privately held real estate development and investment company headquartered in Columbia, SC, with a regional office in Charlotte, NC. Our core competency is in the industrial/distribution sector within select strategic markets, located predominantly east of the Mississippi River. Red Rock has developed over 20 million square feet of Class A industrial space and continues to grow its platform. Red Rock’s areas of expertise include build-to-suit/lease, speculative development, and industrial park/land development. The company currently has industrial projects located in Central Florida; Atlanta, Georgia; Columbia, SC; Indianapolis, Indiana; Richmond, Virginia; and Columbus, Ohio.
About Lexington Realty Trust
Lexington Realty Trust (NYSE: LXP) is a publicly traded real estate investment trust (REIT) focused on single-tenant industrial real estate investments across the United States. Lexington seeks to expand its industrial portfolio through acquisitions, build-to-suit transactions, sale-leaseback transactions, development projects and other transactions. For more information or to follow Lexington on social media, visit www.lxp.com.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people, and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of December 31, 2020. JLL is the brand name and a registered trademark of Jones Lang LaSalle Incorporated. For further information, visit jll.com.