Benderson to build giant industrial park in Ellenton

ELLENTON -- Fresh off co-developing The Mall at University Town Center, University Park-based Benderson Development is preparing to build as much as 2 million square feet of premium warehouse and light industrial space with a view of Interstate 75.

The commercial developer recently erected a sign advertising the project, which is planned for 132 vacant acres Benderson owns at 4903 29th St. E. The location puts the project directly across the interstate from the Ellenton Premium Outlets mall.

Having acquired the land in 2012 out of bankruptcy from a Sarasota company, Stank LLC, Benderson is going big on Class A industrial property after successfully leasing up the majority of two smaller, high-end developments, SRQ Commerce Park and the Sarasota-Bradenton Commerce Center.

Larry Fineberg, Benderson's executive director of industrial, office and warehouse properties, said 132 acres gives his company plenty of room to build. By

comparison, Benderson built 687,000 square feet over 70 acres at its Sarasota-Bradenton industrial park.

"It could be as big as we want it to be," Fineberg said.

The start of construction is about six months away. According to Manatee County planning and zoning staff, Benderson has yet to apply for project permits. The company filed a pre-application in 2013. Benderson is seeking tenants to pre-lease the property. It also recently put up a large sign along I-75 advertising the project.

The buildings planned for the property will be similar to other industrial construction Benderson has done in Manatee County. Fineberg said the buildings will feature ceiling heights in the 30-foot range and will be able to accommodate both dock trucks and at-grade deliveries and pickups. He expects tenants to include manufacturers, distributors and users who are looking for space where they can combine office and production functions.

Benderson is planning another industrial park to be built on 41 acres near the intersection of Fruitville and Coburn roads in Sarasota County. That park would encompass about 500,000 square feet of space, according to Fineberg.

One challenge facing the proposed Ellenton development is access. Lacking a direct link to nearby U.S. 301 and the interstate, any traffic to the property must currently drive north on Ellenton Gillette Road before turning onto a narrow, rural residential road, 29th Street East.Fineberg said traffic access to the property will have to fit in with existing uses, including large-lot, single-family residential.

If built out to as much as 2 million square feet, the yet-unnamed development will be one of the biggest players in the Manatee-Sarasota industrial universe, particularly among new projects. Janet Robinson, the commercial director for the Sarasota office of Coldwell Banker Commercial NRT, said there is a fast-dwindling amount of new, high-volume industrial and warehouse space in the two-county area.

"There is a high demand for this type of space," she said. "This is a really good product for our area."

In all, the two counties boast about 41 million square feet of industrial and warehouse space. Of that total, 3.4 million square feet were available for lease at the end of 2014, according to a vacancy report Robinson prepares quarterly.

Benderson is looking to get long-term tenants into its new property once the first spec buildings are completed near the end of 2015. Fineberg said he would like to sign tenants to 10-year leases, but acknowledges potential tenants tend to look for something shorter, usually in the five-year range.

"We always look for long-term leases, but we're flexible," he said.

One of the property's former owners, IMG Enterprises, once planned to build 261 homes on 29th Street East. According to county staff, another project, Ellenton Consumer Square, made a development application in 2012. That project would have placed a shopping mall on the property.

Matt M. Johnson, herald business reporter, can be reached at 941-745-7027, or on Twitter @MattAtBradenton.

This story was originally published February 4, 2015 at 12:00 AM with the headline "Benderson to build giant industrial park in Ellenton ."