Creative Redevelopment to Meet Large-Block Industrial Demand in Central Florida
September 15, 2021
LAKELAND, FLA. – Transwestern Development Company (TDC®), in partnership with a real estate fund advised by Crow Holdings Capital (CHC), announces the disposition of University Park at Bridgewater, a 713,000-square-foot warehouse accompanied by a six-acre parcel, at 6200 State Road 33 N. in Lakeland, Florida. Boston-based AEW Capital Management purchased the property, which is 100% leased to HCA Healthcare.
Situated between Orlando and Tampa, University Park at Bridgewater is one of the largest speculative industrial projects ever built in the state of Florida. Building #100, the 713,000-square-foot warehouse occupied by HCA Healthcare, is the first asset to be completed on the former site of Golf Club at Bridgewater. The partners acquired the 183-acre property in 2018 and worked with the city of Lakeland to rezone for industrial use.
“The surge in demand for modern, large-block warehouse and distribution space requires out-of-the-box thinking, especially in markets like Central Florida, where industrial vacancy is below the national average,” said Steve Kros, Regional Partner at TDC. “We are pleased that this property, successfully leased to one of the largest healthcare systems in the state prior to delivery, met AEW’s investment objectives.”
Lakeland provides 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.
AEW plans to expand the existing warehouse by 291,058 square feet to 1,004,400 square feet. TDC has been retained as the development manager for the expansion.
At present, TDC has 34 industrial projects totaling 18.4 million square feet under construction or in pre-development planning stages nationwide, including more than 5 million square feet in the Southeast.
CBRE’s Chris Riley represented TDC and a real estate fund advised by Crow Holdings Capital in the transaction.
Photography is available for download here.
About Crow Holdings Capital
Crow Holdings Capital (CHC) is the real estate investment management platform of Crow Holdings, a privately-owned real estate investment and development firm with a 70-year history, $21 billion in assets under management, and a strong track record of performance, partnership and innovation. For more than 20 years, CHC has implemented value-add investment strategies in partnership with leading global investors, generating attractive returns in multifamily, industrial and niche sectors across market cycles. Led by a highly experienced leadership team, CHC manages $12 billion in real estate assets. For more information, please visit www.crowholdings.com/chc.
About Transwestern Development Company
Transwestern Development Company (TDC®) creates value through the execution of development projects for itself, its partners and valued clients throughout the United States. Part of the Transwestern companies, the diversified business develops logistics, multifamily, office, mixed-use and healthcare properties, with a pipeline of projects in process or completed since 2012 exceeding $7.1 billion.
The privately held Transwestern companies have been delivering a higher level of personalized service and innovative real estate solutions since 1978. Through an integrated, customized approach that begins with good ideas, the firm drives value for clients across commercial real estate services, development, and investment management. Operating from 33 U.S. offices, Transwestern extends its platform capabilities globally through strategic alliance partners whose unique geographic, cultural, and business expertise fuels creative solutions. Learn more at transwestern.com and @Transwestern.