The site of the Brennan Investment Group’s CenterState Logistics Park East project in Lakeland, FL.CHICAGO—Locally-based Brennan Investment Group has acquired 164.85 acres in Lakeland, FL to develop a 1.5-million-square-foot speculative industrial project.
The private real estate investment firm has secured municipal zoning approvals for its site plan for the CenterState Logistics Park East. Brennan Investment Group will begin development of 1 million square feet of space at CenterState Logistics Park East within the month, with completion expected by the end of 2020.
The site is located at Exit 38 on Interstate 4. With a mile of frontage on I-4, it has more frontage than any other industrial site along the I-4 corridor.
Edward Miller, CCIM, SIOR, and Dee Seymour, MCR, SIOR, of Colliers International Tampa Bay, and Deborah Mickler, SIOR, and David Wilson of Colliers International Central Florida represented Brennan in the land purchase transaction, which closed on Nov. 26. The seller was Ruthven I-4, LLC. No financial terms of the transaction were disclosed.
Brennan has engaged the Colliers team as the exclusive listing agents to lease CenterState Logistics Park East. Brennan Investment Group owns more than 44 million square feet of industrial property in 29 states. The firm developed CenterState Logistics Park West, located less than half a mile from the recently purchased parcel.
“The Brennan team is once again the leaders in breaking new ground for speculative distribution warehouses in the Central Florida region with the construction of CenterState Logistics Park East,” says Bob Krueger, managing principal of Brennan Investment Group. “As the market continues to be attractive for larger users of industrial space, we will be ready to accommodate the need.”
CenterState Logistics Park East will feature a cross-dock warehouse, 40-foot clear height and ample tractor parking.
“Absorption of industrial space in this area has been driven, in part, by e-commerce responding to demand for same-day delivery to nearby population centers,” says Colliers’ Miller. “CenterState Logistics Park East is equidistant to the booming population centers of Orlando and Tampa and offers access to more than 15 million consumers within a four-hour drive.”
CenterState Logistics Park West’s Building 1 is a 605,412-square-foot warehouse built on spec in 2017. Prior to completion, PepsiCo fully leased Building 1 for a Gatorade distribution center. Building 3, with 440,000 square feet, is currently under lease negotiations. Construction on the 112,708-square-foot Building 2 has not begun as yet, the firm reports.
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December 09, 2019 at 07:07PM
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Brennan Investment Buys 165 Acres for Major Florida Industrial Development - GlobeSt.com
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