A sizable commercial project is in the works in Brevard County — an area that’s attracting more demand for industrial real estate.
An unnamed developer is under contract to buy roughly 20 acres southwest of Grissom Parkway and Industry Road in Cocoa for a future cold-storage facility, said Mike Moss, vice president of industrial properties with Melbourne-based Lightle Beckner Robison Inc., which is marketing the property.
Moss declined to say who the developer is, but said the site is entitled for roughly 300,000 square feet of industrial space. The project will be called the Brevard Cold Storage Center.
The land acquisition and construction timelines aren’t known for the future build-to-suit project. But these types of projects are in demand across Central Florida as more consumers turn to e-commerce to order products — including food and other things that require cold storage.
“There’s not a refrigerated warehouse in Brevard County of any size outside of the port,” Moss said. “This is going to be state of the art.”
Cocoa-based Grissom Park LLC owns the roughly 20 acres, according to real state research firm Reonomy. The entity paid about $700,000 in January and June 2006 for two parcels of land involved in the deal.
The 300,000-square-foot industrial project may cost $19.5 million to build, based on industry standards.
New construction creates jobs, making it an important regional economic driver. The industry employs roughly 90,800 people in Central Florida who are paid an average of $15.32 per hour, according to the U.S. Bureau of Labor Statistics.
It will be the latest cold-storage facility to open in Brevard County. In August 2018, Bentonville, Arkansas-based retail giant Walmart Inc. (NYSE: WMT) opened a 550,000-square-foot “perishable distribution center” in Cocoa, according to Florida Today.
These types of deals show the growing demand for industrial space in Brevard County, which for years struggled to attract bigger tenants. “That’s starting to change a little bit,” Moss said.