News
Orlando, Fla. (September 13, 2021) – In a joint venture between full-service real estate services and investment firm Foundry Commercial and Prudential Global Investment Management (PGIM Real Estate), the partners recently announced development of the second phase of the Princeton Oaks industrial park, located on the 60 acres west of downtown Orlando near the intersection of John Young Parkway and Princeton Street. The second phase of this infill development – representing the last site in the immediate area to provide scale in this submarket – will feature five Class-A industrial facilities totaling 514,000 square feet.
“While much of the world may have taken a pause as the coronavirus spread, the industrial commercial real estate sector is seemingly hotter than ever,” noted Moses Salcido, SIOR, principal of development and investment at Foundry Commercial. “The timing is ripe for a continuation of the first phase of development at Princeton Oaks, a brand-new last-mile industrial park offering clear heights for increased efficiency, multiple access points from one of the area’s most heavily trafficked industrial corridors, as well as ample parking and added storage capabilities.”
The project’s first phase was delivered in early 2019. When Phase 1A of Princeton Oaks project broke ground in the summer of 2017, it represented the first new light industrial facility to be built in the Silver Star industrial submarket in the last 20 years. Built in two parts, Princeton Oaks Phase 1A encompasses two buildings totaling 229,200 square feet and was fully leased as of the end of 2019. Princeton Oaks Phase 1B includes three buildings that total an additional 280,800 square feet and is approximately 70 percent leased at this time, with strong pipeline activity and numerous leases out to take Phase 1B to capacity.
Similarly, the development of the second phase will be staggered over the next 20 months, with anticipated delivery of Phase 2A by summer of 2022 and expected delivery of Phase 2B in summer 2023. Phase 2A will consist of three buildings totaling 280,800 SF of 32’ clear class A rear load product. In Phase 2B, the remaining two buildings will be delivered, featuring dedicated truck courts, trailer staging, and outside storage amenities. The project architect is C4 Architecture, and the civil engineering firm is VHB. Foundry’s Justin Ruby and Joey Woodman will manage leasing for the second phase of Princeton Oaks. The completion of Phase 2 will also see potential for outside storage and a third access point added on the North side of the Princeton Oaks property at New Hampshire Street.
Also new with the second phase of development is a laydown yard on approximately four acres that can be used by tenants for trailer staging and outside storage. Increasingly, this type of amenity has become a popular request among tenants that want to be able to store product on-site.
The second phase of Princeton Oaks times nicely with delivery of several major components of the 200+-acre mixed-use Packing District near the intersection of Princeton Street and John Young Parkway in west College Park. One of the largest developments near downtown Orlando, the 202-acre district is being developed as a unique, eclectic, and vibrant mixed-use environment that pays homage to the industrial heritage of the district and the community legacy of local citrus magnate and philanthropist Dr. Phillips. Additionally, the widening and roadway improvements of John Young Parkway are expected to be completed by year-end; upgrades that will benefit strategically positioned assets like Princeton Oaks.
For more information about Princeton Oaks, visit www.princetonoaksindustrial.com.