Berkadia has arranged $38.25 million in construction financing for the first phase of Lakeland Central Park, a future planned 740-acre industrial park with 5 million rentable square feet in the growing logistics market of Lakeland.
Senior Managing Director Charles Foschini and Managing Director Christopher Apone of Berkadia Miami, along with Managing Director Michael Weinberg and Associate Director Alec Fox of Berkadia Orlando, secured the loan on behalf of a JV between Parkway Properties, Silverpeak Real Estate Partners and Nuveen.
The financing for the initial phase will encompass the construction of 700,000 rentable square feet of logistics warehouse space, as well as the infrastructure costs for up to 2 million rentable square feet. Wells Fargo originated the 3-year, floating rate loan with full term IO and a 63% LTC.
“Polk County is becoming a pivotal point in Florida’s economy, supporting statewide population growth as a logistics hub ideally located within proximity to each of the four metros,” said Foschini. “Given the developer’s foresight and identifying the market’s labor pool and trajectory, Lakeland Central Park is uniquely positioned to serve one of the fastest growing states in the country with class A amenities that further support the city’s status as a distribution point for Florida.”
“The competitive advantage to this park is scale and flexibility to meet increasing tenant demand,” added Weinberg. “The developer has designed a variety of buildings from 150,000 SF to nearly 1.7 million square feet, so they can be dynamic in accommodating tenants of virtually any size and shape.”
With construction underway, Lakeland Central Park is located at the boundary of Old Tampa Hwy, Polk Hwy, and County Rd 572. The 5 million rentable-square-foot park will also feature a variety of entitlements and contiguous sites that offer flexibility for a range of uses and development including office space, retail, hospitality and multifamily.
Enjoying strong fundamentals that buttress the industrial sector, Lakeland’s advantageous location puts it at only a 30-minute drive from Tampa, a one-hour drive from Orlando, and just under four hours from Miami and Jacksonville, offering direct access with convenient highways to a majority of the state’s 21.7 million residents. The city’s confluence of e-commerce, phosphate, cattle, citrus and the railroad industries, along with the corporate presence of Publix, secure its standing as Florida’s premier center for resilient jobs in the area of logistics.
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