LAKELAND, FLA. — Brennan Investment Group has purchased approximately 112 acres of land in Lakeland, with plans to build approximately 1.2 million square feet of Class A distribution space on a speculative basis.
Brennan is investing about $100 million in the project, according to the Business Observer, a weekly business publication in Florida.
Rosemont, Illinois-based Brennan will construct the newly named CenterState Logistics Park in two phases. Phase I will consist of two buildings totaling 720,000 square feet. Phase II, consisting of approximately 480,000 square feet, will begin upon the completion and leasing of Phase One.
The company purchased the land from New York-based Rockefeller Group for $6.25 million, according to the Business Observer. Rockefeller paid $9.3 million for the property in 2008.
“The Florida industrial markets are resurgent with strong tenant demand,” says Bob Krueger, managing principal for the Southeast region at Brennan. “The Interstate 4 corridor in particular, given its central location within Florida, is seeing a significant rise in big-box leasing as Florida’s in-migration of permanent residents and job growth leads the nation in most economic indicators.”
The site is bordered by Old Polk City Road on the north and State Route 33 on the south and is situated across I-4 from Florida Polytechnic University. The property is located midway between Tampa and Orlando in the epicenter of the I-4 corridor.
Colliers International Tampa Bay’s Ed Miller will market the CenterState property. Miller, along with Colliers agents Dolores Seymour and Deborah Mickler, represented Rockefeller affiliate RG Lakeland LLC in the sale.
Krueger was the lead project developer on First Park at Bridgewater, a 130-acre Class A industrial park built in Lakeland in 2004.
Founded in 2010, Brennan has acquired nearly $1.3 billion of industrial real estate. The company’s current portfolio spans 22 states and encompasses nearly 23 million square feet.
— Scott Reid