null - Commercial Real Estate News Releases | Avison Young News
Commercial real estate news releases from Avison Young
Quarterly and topical research insights to help your business gain competitive edge in commercial real estate.
Avison Young to sell Monarch Ranch, a unique ±3,400-acre industrial development opportunity in Florida’s Center of Commerce
May 5, 2023
One of the area’s largest available vacant land sites strategically situated at the intersection of Interstate 75 and Florida’s Turnpike comes to market by court order
SUMTER COUNTY, FLA. – Avison Young’s Florida Capital Markets Group has been exclusively tapped to spearhead the court-ordered sale of Monarch Ranch, a unique ±3,400-acre industrial development opportunity in Sumter County, Florida. One of the largest vacant land sites positioned within one hour from each of the Orlando and Tampa Central Business Districts, two of the fastest-growing metro areas in the United States, the property is ideal for distribution use. The buyer will have the opportunity to construct millions of square feet of industrial space – provided the zoning and development order is approved for such use – at the convergence point of Interstate 75 and Florida’s Turnpike, which sees more than 60% of all state highway truck traffic.
Avison Young Principals Jay Ziv, John K. Crotty, Michael T. Fay, David Duckworth, and Brian de la Fé will lead the marketing and sale of the property.
“By acquiring a footprint of Monarch Ranch’s scale and connectivity at the midpoint of Florida’s fastest-growing cities, a developer will be able to create an industrial node that defines distribution and warehousing activity for the state’s central corridor and Gulf Coast as it continues its massive wave of growth,” said Ziv.
Due to its unique combination of major roadway accessibility and multimodal systems, making it an ideal distribution hub for businesses, Sumter County has earned its title of Florida’s Center of Commerce. Monarch Ranch is located between two cities – Wildwood and Coleman – and the existing future land use map designation encourages industrial use. In addition to immediate access to Interstate 75, Florida’s Turnpike, and State Road 44, the property also directly borders CSX’s main eastern seaboard freight line, allowing for potential on-site connectivity to a ±20,000-mile rail network serving 23 states.
“Florida’s industrial market continues to boom,” said Crotty. “Investor-developer and tenant demand for industrial space with connectivity to population centers has increased significantly in the past three years as the trend of southward migration to the Sunbelt accelerated with no signs of slowing down.”
Florida attracted the most significant influx of residents compared to any other U.S. state in 2022, gaining an average of 1,217 new residents daily. As a result, demand has driven rents for industrial space across virtually all Florida markets to record highs. For example, rental rates within Monarch Ranch’s immediate vicinity rose 11.1% year over year as of first-quarter 2023.
About Avison Young
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
Avison Young is a 2022 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for 11 consecutive years.