JLL Closes On Sale Of Industrial Facility In Lakeland After Bringing The Property To 100% Occupancy

JLL announced that the firm closed on the $7.65 million sale of 3850 Old Tampa Highway, an 119,257-square-foot industrial facility located in Lakeland. The start-of-art cross-dock facility was acquired by Graham Commercial Properties, an investor and manager of commercial real estate properties. The sale comes on the heels of an 119,257-square-foot lease that JLL secured at 3850 Old Tampa Highway with CHEP USA, North America’s leader in supply chain solutions, for the company’s new regional distribution center. The new lease brought the property to a 100% occupancy rate. JLL Associate Ryan Vaught represented the property’s previous owner, Brian Pearlman, in both the sale and lease negotiations.  

“3850 Old Tampa Highway offers functionality that cannot be found anywhere else in Central Florida,” explained JLL’s Ryan Vaught. “The fact that the cross-dock warehouse sits on 20 acres of land and is located a stones-throw away from major distributers such as Publix Super Markets, were the driving factors that motivated CHEP to move into the facility and for the new ownership to invest in the property.”

Today, the Lakeland market is considered one of the most active industrial markets in the US, and its growth is projected to continue in the years ahead. According to JLL Research, since 2014 large e-commerce and distribution centers have entered the Lakeland market to the tune of nearly 5 million square feet with aims to service the large population centers nearby in Tampa and Orlando. This trend should continue, as projected population growth in the region remains strong and companies respond to increasing consumer demand for expedited delivery of goods. 3850 Old Tampa Highway is located in the heart of Central Florida, offering access to over nine million people within 100 miles, as well as some of the fastest growing markets in the country.  The industrial property provides excellent access to major roadways such as Interstate 4 and State Road 417. The industrial facility neighbors some of the country’s largest distributers including Publix Super Markets, Rooms to Go, Amazon, Advance Auto Parts and Southern Wine & Spirits. This state-of-the-art industrial facility offers 2.1-plus acres of dedicated trailer storage, oversized truck courts, 1200 amps of power, 30 foot clear height, 20 dock high doors, Early Suppression Fast Response (ESFR) sprinkler system with oversized pump, , and one 18-foot wide ramp with an oversized loading door.

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