Brennan Investment Group and Grandview Partners will add over 1 million square feet of industrial property to Lakeland market with construction of CenterState Logistics Park East
Developer breaks ground on largest speculative industrial property in Central Florida
LAKELAND, Fla. (August 3, 2020) – Brennan Investment Group, a Chicago-based private real estate investment firm, and Grandview Partners, a Connecticut-based private real estate investment manager have commenced construction of a 1,011,697-square-foot building at CenterState Logistics Park East. The project, Building 400, is the largest speculative industrial development to enter the Central Florida market to date and is expected to be completed in the first quarter of next year.
CenterState East is located north of I-4 across from Florida Polytechnic University with over 5,000 feet of frontage on the interstate. When completed, the development will add 1,516,097 square feet of industrial space to the market.
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 are the exclusive leasing agents on the project. The team also managed the sale of the 164.85-acre property to Brennan in 2019.
“The I-4 industrial market from Tampa to Orlando has now fully evolved to a full-blown distribution corridor,” said Miller, Executive Managing Director for Colliers International. “Along this stretch of I-4, there are five buildings under construction that will bring more than 3.8 million square feet of property to market. And we see no pause in this evolution, fueled by ecommerce and emerging new industries investing in the nation’s third-largest state.”
Brennan Investment Group owns over 44 million square feet of industrial property in 29 states. Grandview manages on behalf of its investors approximately $1.2 billion of real estate investments in the U.S. focused primarily on industrial (7.1 million square feet), office (4.1 million square feet) and land development. The firms also developed CenterState Logistics Park West, located less than half a mile from the new development. CenterState West was also built on spec and leased prior to completion. In 2017, PepsiCo fully leased the 605,412-square-foot warehouse for a Gatorade distribution center, and in 2019 they leased Building 3, an adjacent 440,000-square-foot warehouse, then under construction.
CenterState Logistics Park East will feature a cross-dock warehouse, 40-foot clear height, 7-inch floor slab at 4,000 PSI and R20 roof deck insulation.
“In Central Florida, big box warehouse and distribution tenants represent a range of industries. E-commerce continues to drive a significant portion of demand for industrial space in this market, and we see no slowdown in the coming years,” said Bob Krueger, Managing Principal of Brennan Investment Group. “As the market continues to attract larger users of industrial space, we will be ready to accommodate the need.”
About Colliers International Group Inc.
Colliers International (NASDAQ: CIGI) (TSX: CIGI) 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.
About Grandview Partners
Grandview Property Partners, LLC is a privately-owned real estate investment manager. As of December 31, 2019, Grandview manages or sub-advises approximately $1.2 billion of real estate investments in the US focused primarily on industrial (7.1 million square feet), office (4.1 million square feet) and land development on behalf of its institutional clients. Grandview is a team of 22 professionals led by senior management with an average of 25 years of experience in acquiring and managing real estate assets in 50+ markets focusing on middle market transactions.
For more information on Grandview, go to grandviewpartners.com.