Transwestern Sells 713,000-SF Warehouse

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. 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 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.

 

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