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Industrial Trades for $60M at Top of Market Pricing

The asset is strategically located within Central Florida’s I-4 Corridor, which is known as one of the Southeast’s major logistics hubs.

Cushman & Wakefield’s capital markets brokerage senior director Rick Brugge Cushman & Wakefield’s capital markets brokerage executive director Rick Brugge

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.

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Jennifer LeClaire

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