PCCP LLC and Blue Steel Development have formed a joint venture to acquire a 154-acre site in Lakeland, where they plan to develop a 1.4M SF industrial project called Key Logistics Center. The partners paid an unspecified price for the site.

The JV is going ahead with the suburban Tampa project without a major tenant as yet, Commercial Property Executive reports.

The first phase of Key Logistics Center, at 5300 Allen K. Breed Highway, will be a 520K SF warehouse/distribution center expandable to 1M SF. The partners are planning a second facility totaling 350K SF.

JLL associate Ryan Vaught cited high demand for industrial space, lack of available big-box space and a significant increase in the velocity of large transactions in the submarket over the past 12 months as factors in the decision to develop Key Logistics Center. JLL is leasing the facility.