December 04, 2018
Lakeland, Fla. – Transwestern Development Co. (TDC®), in partnership with a private real estate fund advised by Crow Holdings Capital-Real Estate, today announces it has acquired 183.5 acres that will be developed as a speculative 1 million-square-foot industrial facility at 6200 State Road 33 N. in Lakeland, Florida. TDC will break ground on the project, called University Park at Bridgewater, in January next year, with full delivery estimated for second quarter 2020.
“The Lakeland area has seen tremendous growth with the e-commerce boom because of its strategic location between Tampa and Orlando, giving users quick access to Florida’s 19 million residents,” said Steve Kros, Regional Partner at TDC. “University Park at Bridgewater will be designed to meet the specific requirements of e-commerce tenants, including heavy parking and trailer capacity, 36-foot clear heights and 185-foot truck courts.”
The project will be completed in two phases, with phase one comprising a single cross-dock building totaling 713,000 square feet. The second phase will expand the property as appropriate up to 292,000 square feet.
Lakeland provides users convenient access to Florida’s primary transportation arteries, including Interstates 4, 75, and 95, as well as proximity to ports, two international airports, and existing rail and highway infrastructure. With trade and transportation accounting for a quarter of the region’s total jobs, multiple Fortune 1000 companies have located along the I-4 corridor, including Amazon.com, Rooms-To-Go, Publix, Walmart and CVS.
“Developers seeking land in Central Florida are challenged by the abundant wetlands and infrastructure limitations,” said Greg Boler, Vice President at TDC. “With companies continuing to grow their distribution requirements in Central Florida, projects like University Park at Bridgewater that can accommodate large users are in high demand.”
TDC has engaged the following team to execute this project:
- Leasing agent: Cushman & Wakefield
- General contractor: The Conlan Co.
- Civil and environmental engineer: Kimley Horn
- Geotechnical: Underground Engineering
- Surveyor: Porter Surveying
- Construction financing: Comerica Bank
ABOUT TRANSWESTERN DEVELOPMENT CO.
Transwestern Development Co. is a diversified business with expertise and experience in all commercial property types. The firm executes projects through a variety of venture and contract structures and has been creating commercial landmarks for itself, its partners and valued customers throughout the U.S. since 1978. Transwestern Development Co. operates as a principal, investing capital alongside its institutional equity partners in the development of speculative and build-to-suit projects, and as a fee developer for clients and user-owners. The company has amassed valuable experience in construction, design, sustainability, leasing, acquisitions, finance and asset management. As a member of the Transwestern family of companies, the firm capitalizes on the market insights and operational expertise of its affiliates, which include a diversified real estate services firm with 33 U.S. offices and a real estate investment management company. Please visit transwesterndevelopment.com for more information.
ABOUT CROW HOLDINGS CAPITAL-REAL ESTATE
Since 1998, Crow Holdings Capital-Real Estate and CHC-affiliated entities have managed 12 private equity real estate funds with equity capital totaling approximately $8.5 billion, with which over $20 billion in assets have been acquired or developed. Our success is derived from a fundamental approach to, and deep understanding of, real estate value creation across various asset classes, including warehouses, self-storage facilities, retail centers, retail convenience store and gas station assets, multifamily housing (including senior-living housing, student housing, and rental and for-sale housing), office buildings, medical office buildings and hospitals, hotels, and land. To learn more, visit http://crowholdingscapital-re.com.