The Illinois company paid View Properties Ltd. $1.8 million or $15,000 per acre (34 cents per sf) for a 120-acre tract at Bridgewater in Lakeland, FL. Lakeland is 60 miles south of Downtown Orlando. Tampa is 80 miles west of Orlando.
First Industrial plans to develop two million sf of industrial on the site in a three-phased development. Construction on the first 220,000-sf building is under way. The structure can be expanded quickly to 420,000 sf.
"Lakeland is a strong growth market and First Industrial is capitalizing on location and timing," Jeff Bardin of Advantis Real Estate Services Co. in Tampa tells GlobeSt.com.
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