LAKELAND, FL—Brennan Investment Group, a Chicago-based private real estate investment firm, has purchased 164.85 acres in Lakeland for an undisclosed price. The site plan for a speculative industrial development, to be called CenterState Logistics Park East, has zoning approval for a total of up to 1.5 million square feet.
Brennan 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.
Bob Krueger, managing principal of Brennan Investment Group, tells GlobeSt.com that potential tenants could be involved in light industrial operations, but he anticipates most will be in distribution. He says e-commerce is one of the drivers in the distribution market, but it's far more than that.
"We are seeing prospects all the way across the board," Krueger says. "We've had people in home goods, furniture and building supplies."
Krueger says the labor market in the region is good for distribution center workers. The central location allows companies to draw from both Orlando and Tampa.
Edward Miller and Dee Seymour of Colliers International Tampa Bay, and Deborah Mickler 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. Brennan has also 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 also developed CenterState Logistics Park West, located less than half a mile from the recently purchased parcel.
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 yet begun.
CenterState Logistics Park East will feature a cross-dock warehouse, 40-foot clear height, and ample tractor parking.
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