Becknell Industrial Sees Rapid Lease Up of Spec Tampa Asset

Jan 28, 2020

TAMPA, FL—Becknell at Madison Business Center, a speculative industrial property located at Madison Avenue and Eagle Falls Place here, is leasing up quickly.

Building 200, a 94,396-square-foot warehouse and distribution space, was fully leased within 90 days of completion; and a 67,208-square-foot lease has been signed for Building 100, leaving just 121,108 square feet available in the 188,316-square-foot building.

When completed, the three-building, 26.3-acre business park will add 393,464 square feet of industrial space to the Tampa market. Buildings 100 and 200 are completed and ready for tenant move-in. Becknell Industrial will begin construction on the 110,752-square-foot Building 300 in the first quarter of 2020.

This is Becknell Industrial’s first property in the Tampa Bay area. Becknell Industrial owns and operates nearly 200 industrial properties across the country, and also owns Florida properties in Orlando, Jacksonville, Tallahassee and Southwest Florida.

The entire industrial market throughout Central Florida remains very active, Ryan Vaught, executive managing director, Industrial Services for Colliers International Tampa Bay, tells Vaught represented the landlord, Becknell Industrial, in all three deals. Becknell began exploring opportunities in the Tampa market in mid-2017, he says.

“Demand for spaces ranging from 5,000 square feet to 500,000 square feet has been consistently high over the last 6 months, with user size highly dependent on the specific submarket and region,” Vaught says. “Industry demand varies, but we have seen a recent uptick in automotive-related companies and home construction related businesses.”

The buildings were designed for a variety of uses, Vaught says. Becknell incorporated high (32-ft.) clear height, onsite trailer storage, glass store fronts, and a significant power supply, among other bells and whistles in order to appeal to a tenant base that varies in requirements.