Land Sale Brokered by Transwestern Demonstrates Strength of Industrial Market
July 09, 2020
ATLANTA – Transwestern Real Estate Services (TRS) announces its Southeast Investment Services Group has executed the sale of a 27.5-acre commercial land tract at Interstate 4 and West Memorial Boulevard in Lakeland, Florida. Transwestern Managing Director Jon Kleinberg represented the seller in the transaction. Newmark Knight Frank’s Rick Narkiewicz represented buyers Native Development Group and Crescent Communities in the $2.3 million purchase.
“This sale demonstrates the strength of the industrial development market and continued eagerness from investors to complete transactions,” said Kleinberg. “While closings have slowed because of challenges presented by the pandemic, the groups we’re working with have been committed to seeing deals through.”
The new owners of the Lakeland tract plan to develop two shallow-bay industrial buildings on the property, totaling 300,000 square feet. The site benefits from its location less than a mile from I-4’s exit 28, a full-access interchange providing direct east/west access, as well as within an hour of international airports in Tampa and Orlando, and less than eight hours from eight major southeastern cities. The property is postioned within Central Florida’s dense industrial market, which encompasses approximately 448 million square feet between Tampa and Orlando, according to Costar.
The Lakeland submarket, which totals nearly 70 million square feet of industrial space, attracts an abundance of national and international users, including Coca-Cola, PepsiCo, Home Depot and Amazon. Home Depot recently completed an 800,000-square-foot distribution facility that will create 150 new jobs. Amazon has two 1.1-million-square-foot facilities in the region and a $100 million, 223,000-square-foot air cargo hub in development that will create up to 1,000 new jobs.
Transwestern’s Southeast Investment Services Group combines capital markets and investment banking expertise, local market knowledge and proven transaction execution to provide strategic disposition services for multifamily, office, retail, industrial and land assets across the Southeast. Based in Atlanta with an office in Miami, the team has established a successful track record for maximizing value and creating long-term relationships with clients that range from local entrepreneurs to the largest corporations in the country.
About Transwestern Real Estate Services
Transwestern Real Estate Services (TRS) adds value for investors, owners and occupiers of all commercial property types through a comprehensive perspective and by providing solutions grounded in sound market intelligence. Part of the Transwestern companies, the firm applies a consultative approach to Agency Leasing, Asset Services, Occupier Solutions, Capital Markets, and Research & Investment Analytics.
The privately held Transwestern companies have been delivering a higher level of personalized service and innovative real estate solutions since 1978. An integrated approach formed from fresh ideas drives value for clients across commercial real estate services, development, investment management and opportunistic programs for high-net-worth investors. The firm operates through 34 U.S. offices and global alliances with BNP Paribas Real Estate and Devencore. Learn more at transwestern.com and @Transwestern.