LAKELAND, FLA. — Parkway Property Investments LLC and Silverpeak Real Estate Partners have broken ground on Lakeland Central Park, a 740-acre, Class A industrial development near the intersection of Interstate 4 and Polk Parkway in Lakeland. When complete, the property will contain more than 5 million square feet of industrial space suitable for manufacturing and distribution users. The site features one-and-a-half miles of frontage along Polk Parkway. Charles Foschini, Christopher Apone, Michael Weinberg and Alec Fox of Berkadia arranged the $38.3 million construction financing.
The first phase of Lakeland Central Park’s construction will include a 708,000-square-foot industrial building and the infrastructure to deliver development-ready sites throughout the project. The first phase is scheduled to open in the fourth quarter of 2022. The project is expected to take two phases, with the entire build out to be complete in seven years.
This property is a private investment vehicle managed by Silverpeak, which is jointly capitalized by Silverpeak and an unnamed institutional investor with over $130 billion of real estate assets under management. Parkway will develop and manage Lakeland Central Park. The ownership has tapped JLL to lease the industrial park.