Griffin Capital Company Acquired the 605,412 SF CenterState Logistics Center
TAMPA, FL, March 16, 2017 – Cushman & Wakefield has negotiated the sale of CenterState Logistics Center, a 605,412-square-foot distribution facility within the I-4 Corridor in Lakeland, FL, for $59.6 million. The Class A facility, which was built speculatively and completed in 2017, is 100 percent occupied by Quaker Sales and Distribution, a wholly-owned subsidiary of PepsiCo.
The Cushman & Wakefield Capital Markets Team of Vice Chairman Mike Davis, Executive Director Rick Brugge and Executive Director Michael Lerner represented the co-sellers in the transaction, Brennan Investment Group and Greenfield Partners. Brennan Investment Group is a Chicago-based private real estate investment firm that acquires, develops and operates industrial properties in major markets throughout the United States. Greenfield Partners is a Westport, CT-based private equity real estate investment firm.
The buyer, Griffin Capital Company, is a Los Angeles-based investment and asset management company. The tenant, Quaker Sales and Distribution, has a triple-net lease with 10 years remaining and uses the facility to distribute the world’s No. 1 sports drink, Gatorade.
Located at 8060 State Road 33 in north Lakeland, CenterState Logistics Center is a state-of-the-art bulk distribution facility featuring brand new tilt-wall construction, 36-foot clear heights and cross-dock loading.
The property is strategically located within Central Florida’s booming I-4 Corridor, which is known as one of the Southeast’s major logistics hubs. The Lakeland industrial submarket has a low vacancy rate of 3.9 percent, and the area continues to attract the majority of the state’s distribution activity.
The location is nearly equidistant from both the Tampa Bay and Orlando MSAs, providing access to nearly 10 million people within a 100-mile radius. In addition to Interstate 4, the property is convenient to such major roadways as Interstate 75 and Florida’s Turnpike.
“CenterState Logistics Center is an exceptional facility, and its premier location within the I-4 Corridor makes it a top choice for statewide distributors of the Quaker/PepsiCo caliber,” said Brugge. “This property received tremendous interest from investors, ultimately resulting in top-of-market pricing for a Class A asset in the Central Florida market.”
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Communications Specialist, Florida