Schafer to Start South Hillsborough Business Park

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Schafer Development Featured in Tampa Bay Business Journal
Articles / Press Room
Date: Jul 18, 2007 – 07:33 AM
Schafer to start south Hillsborough business park
Tampa Bay Business Journal – 11:43 AM EDT Tuesday, July 17, 2007
A Michigan-based company has secured a 120-acre site on the northeast corner of U.S. 41 and
Big Bend Road near Apollo Beach for a mixed-use commercial project totaling 1.4 million square
feet.
Schafer Development LLC said its new Big Bend 41 Industrial Park will also include 120,000
square feet of office space and 28,000 square feet of retail space, and is strategically located
between Interstate 75 and Port Redwing.
The Farmington Hills, Mich.-based company announced Tuesday it secured approval for the
project last week and expects to start construction in the next six months. Duke Realty Corp.
(NYSE: DRE) will handle development and leasing of industrial and distribution buildings, the
company said.
Tampa Bay Business Journal Link
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$80 Million Industrial Park Slated For Big Bend Road
Articles / Press Room
Date: Jul 18, 2007 – 05:33 AM
$80 Million Industrial Park Slated For Big Bend Road
By DAVE SIMANOFF, The Tampa Tribune
Published: July 18, 2007
TAMPA – Duke Realty Corp., the Indianapolis-based real estate investment trust that owns
Highland Oaks office park and Fairfield Distribution Center in Hillsborough County, plans to build
an $80 million distribution and warehouse center at U.S. 41 and Big Bend Road near Apollo
Beach.
The industrial park – named, appropriately enough, Big Bend Industrial Park – comes at a time
when large, contiguous blocks of warehouse and distribution space have become hard to find in
the Tampa Bay area, as new development has lagged demand for several years.
Doug Irmscher, Duke Realty’s senior vice president, said construction of the first Big Bend
Industrial Park building should begin between April and June. It will be a 300,000-square-foot
distribution center, and it will take about six months to complete.
Duke Realty plans 1.3 million square feet of warehouse and distribution space at Big Bend
Industrial Park over the next five years, Irmscher said.
New warehouse and distribution buildings play an important function in the local and regional
economies, said Rick Brugge, an associate director of the capital markets group at Cushman &
Wakefield, a commercial real estate services firm.
Businesses need these kinds of spaces to distribute goods efficiently to a growing population, he
said. Other businesses are looking for regional and statewide distribution hubs, he said.
The vacancy rate for warehouse and distribution space in the Bay area is 4.4 percent, according to
Cushman & Wakefield figures. Along the Interstate 75 corridor, where Big Bend Industrial Park
will be, the rate is 3.3 percent.
‘That’s a very tight market – traditionally, around 10 percent vacancy would be considered market
equilibrium,’ Brugge said.
Other companies have recently announced plans to build industrial space. Industrial
Developments International, an Atlanta-based commercial developer, recently started
construction on two buildings and revealed plans for 2 million square feet of warehouse and
distribution space here.
The land for Big Bend Development Park was assembled into one property and shepherded
through the myriad zoning and entitlement processes by Schafer Development, based in
Farmington Hills, Mich., a suburb of Detroit.
Schafer Development purchased the site last month for $21 million and sold nearly all of the
property to Duke Realty for an undisclosed price. It retained a corner of Big Bend Industrial Park,
on which it has rights to develop 28,000 square feet of retail space and 120,000 square feet of
office space.
Schafer Development is looking at several other acquisition and development opportunities in the
Bay area.
‘Tampa was a very appealing market … for us northerners,’ company President Steve Schafer
said. ‘It’s very vibrant. We’re very bullish.’
The Tampa Tribune Link
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Schafer Development Featured in RE Business Online
Articles / Press Room
Date: Jul 17, 2007 – 07:25 AM
SCHAFER DEVELOPMENT TO BUILD BIG BEND 41 INDUSTRIAL PARK
TAMPA, FLA. — Schafer Development has secured approval to build Big Bend 41 Industrial Park,
located near Apollo Beach on the northeast corner of Big Bend Road and U.S. Highway 41 in
Tampa.
The 120-acre, 1.4 million-square-foot development site is situated southeast of Tampa Airport. In
addition to industrial space, it will also include 120,000 square feet of office space and 28,000
square feet of retail space.
RE Business Online Link
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Schafer Development Featured in GlobeSt.com
Articles / Press Room
Date: Jul 17, 2007 – 07:13 AM
Schafer Gets Green Light for 1M-SF Park
By Natalie Keith, July 13, 2007
TAMPA-Farmington Hills, MI-based Schafer Development has received approval for Big Bend 41
Industrial Park, a 1.4-million-sf industrial park near Apollo Beach on the northeast corner of Big
Bend Road and US 41. The 120-acre project in Hillsborough County will include 120,000 sf of
office space and 28,000 sf of retail space.
Situated southeast of Tampa Airport, the site is just over a mile from the Interstate 75/Big Bend
interchange and a quarter-mile from Port Redwing.
Schafer Development president Steven Schafer tells GlobeSt.com that Schafer Development has
sold the industrial portion of the project to Indianapolis-based Duke Realty Corp., which will
construct the space and handle leasing efforts. Groundbreaking is anticipated within six months.
Schafer will construct the retail portion of the project, with groundbreaking starting immediately.
“The project is consistent with the plan to bring jobs to the neighborhood,” Schafer says.
According Carter Real Estate senior vice president Juan Vega, industrial occupancy rates
throughout the Tampa Bay area are 95%, with the availability rate in western Hillsborough County
at 2.5%.
“Big Bend 41 Industrial Park is the ideal complement to neighboring Newland Communities in the
residential sector and Southshore Commons, currently under development near Interstate 75,
thatwill bring over a million sf of high-end retail to our area,” says Hillsborough County assistant
administrator Ken Griffin, in a prepared statement.
GlobeSt.com Link
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