LAKELAND, FL-DBM Associates has purchased an industrial warehouse facility from Star East Corp. for $3 million. DBM-owned Alaso Inc. will occupy the 72,000-square-foot facility.
Lakeland-based commercial real estate brokerage Steinbauer Associates’ Vice President Jim Steinbauer and associate Angela Lester represented DBM Associates. Ed Miller, Delores Seymour, and William Parke of Colliers Arnold in Tampa represented the seller.
“This is the largest user-occupied manufacturing warehouse sale in Lakeland this year,” Steinbauer tells GlobeSt.com. “With this purchase, Alaso nearly doubles its space and remains in Lakeland, a strategic location for a company that is exporting most of its product to Latin America.”
Located on 12 acres at 2655 Old Tampa Highway, the property offers office and warehouse space. The company was previously occupying about 40,000 square feet at 2727 Mine Mill Rd., also in Lakeland. Alaso will manufacture its automated poultry production equipment at the facility.
“One of the aspects of the industrial economy that’s still standing is food production, food storage and food transportation,” Mills tells GlobeSt.com. “Lakeland is a good location for Alaso because it’s an agricultural community, but it’s between two major markets in Orlando and Tampa.”
The Alaso purchase is a healthy sign for an ailing Lakeland industrial market where vacancy is up, absorption is negative, and average asking rates continue to soften, according to CB Richard Ellis. Several million square foot of development in various stages of planning remain stalled in Polk County.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
