Chicago-Based Investment Firm Buys 164± Acres For 1.5-Million-Square-Foot Industrial Development In Lakeland
LAKELAND, Fla., Dec. 9, 2019 /PRNewswire/ — Brennan Investment Group («Brennan»), 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 Investment Group 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.
Edward Miller, CCIM, SIOR, and Dee Seymour, MCR, SIOR, of Colliers International Tampa Bay, and Deborah Mickler, SIOR, 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.
«Absorption of industrial space in this area has been driven, in part, by e-commerce responding to demand for same-day delivery to nearby population centers,» said Miller. «CenterState Logistics Park East is equidistant to the booming population centers of Orlando and Tampa and offers access to more than 15 million consumers within a four-hour drive.»
Brennan Investment Group owns over 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.
«The Brennan team is once again the leaders in breaking new ground for speculative distribution warehouses in the Central Florida region with the construction of CenterState Logistics Park East,» said Bob Krueger, Managing Principal of Brennan Investment Group. «As the market continues to be attractive for larger users of industrial space, we will be ready to accommodate the need.»
CenterState Logistics Park East will feature a cross-dock warehouse, 40-foot clear height, and ample tractor parking.
About Colliers International Group Inc.
Colliers International is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, has delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management. To learn more about how we accelerate success visit corporate.colliers.com, Twitter: @Colliers or LinkedIn.
About Brennan Investment Group
Brennan Investment Group, a Chicago-based private real estate investment firm, acquires, develops, and operates industrial properties in select major metropolitan markets throughout the United States. Since 2010, Brennan Investment Group has acquired over $4 billion in industrial real estate. The company’s current portfolio spans 29 states and encompasses over 44 million square feet.
Brennan Investment Group co-invests with private and institutional capital to achieve outstanding risk-adjusted returns. The firm’s management team is among the most accomplished in its industry, having invested in over 4,000 properties covering more than 60 cities throughout the United States, Canada and Europe.
For more information on Brennan Investment Group, go to brennanllc.com.
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SOURCE Brennan Investment Group