Atlanta-based Stonemont Financial Group and LandMark Group Cos. have broken ground on the 40-acre Palmetto Industrial Park in Manatee County.
The 427,000-square-foot development is Illinois-based LandMark’s first major Florida industrial land acquisition. It is located at 830 17th St. E in north Manatee County. The project features three speculative stand-alone buildings with manufacturing, warehouse and distribution space. The first building is expected to be completed in early 2023 and the remainder later that year.
“Sarasota/Manatee has become a destination for the best and brightest industrial tenants and has attracted the attention of world-class investors,” LandMark partner Bob Sanches said in a release. “As we continue to expand our industrial development platform, we are excited to work closely with Manatee to deliver another quality project, which we believe will be a great addition to this growing and very dynamic employment corridor.”
LandMark is the general contractor for the project, and Stonemont Financial Group is the co-developer. Stonemont is a private investment firm specializing in investing in a “broad spectrum of real estate asset classes and geographies to deliver attractive risk-adjusted returns.” JLL Commercial Real Estate is marketing the site.
Stonemont CEO and managing principal Zack Markwell said the state-of-the-art industrial park will help to fill a void for Class-A development in the market.
In February, the company announced it also purchased properties in Lakeland and Pasco County. The Lakeland Commerce Center will have four buildings totaling more than 905,000 square feet. The Pasco site will have two buildings totaling approximately 361,000 square feet. Stonemont also has projects in Ocala and Groveland.
“It’s been a busy year for Stonemont across the state of Florida, which will continue to be a top focus point moving forward as we pursue investment opportunities that capitalize on market demand and generate meaningful value for our strategic partners,” Markwell said.
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