MIAMI—CenterState Logistics Center, a 605,412-square-foot distribution facility within the Interstate 4 Corridor in Lakeland, FL, has traded hands. The sale price: $59.6 million and the asset sold for a record low cap rate.
The class A industrial facility was built speculatively and completed in 2017. The industrial property is 100% occupied by Quaker Sales and Distribution, a wholly-owned subsidiary of PepsiCo. Quaker Sales and Distribution has a triple-net lease with 10 years remaining and uses the facility to distribute the sports drink, Gatorade. Griffin Capital Essential Asset REIT acquired the industrial asset.
The Cushman & Wakefield Capital Markets Team of vice chairman Mike Davis, executive director Rick Brugge and executive director Michael Lerner represented the co-sellers in the transaction, Brennan Investment Group and Greenfield Partners.
“CenterState Logistics Center is an exceptional facility, and its premier location within the I-4 Corridor makes it a top choice for statewide distributors of the Quaker/PepsiCo caliber,” Brugge tells GlobeSt.com. “This property received tremendous interest from investors, ultimately resulting in top-of-market pricing for a class A asset in the Central Florida market.”
Located at 8060 State Road 33 in north Lakeland, CenterState Logistics Center is a state-of-the-art bulk distribution facility. The industrial facility features brand new tilt-wall construction, 36-foot clear heights and cross-dock loading.
The industrial property is strategically located within Central Florida's I-4 Corridor, which is known as one of the Southeast's major logistics hubs. The Lakeland industrial submarket has a low vacancy rate of 3.9%, and the area continues to attract the majority of the state's distribution activity.
The location is nearly equidistant from both the Tampa Bay and Orlando MSAs, providing access to nearly 10 million people within a 100-mile radius. In addition to Interstate 4, the property is convenient to such major roadways as Interstate 75 and Florida's Turnpike.
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