Brennan Investment Group has purchased a 164.85-acre site in Lakeland on the Interstate 4 corridor for a speculative development project. The site is well located between Tampa and Orlando and is one mile north of CenterState Logistics Park West, a 112-acre site bought by Brennan in 2017.
The 1.5 million square foot site, named CenterState Logistics Park East, will be developed in three phases. In phase one, Brennan will develop a one million square foot cross-dock distribution building fronting Interstate 4. Phase two will consist of a 364,000 square foot building and phase three will include a 160,000 square foot building or additional parking space for phase one. The buildings will feature concrete tilt wall construction, two-story glass entrances and abundant tractor trailer parking. Completion is targeted for end of 2020.
“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.”
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. Brennan has also engaged the Colliers team as the exclusive listing agents to lease CenterState Logistics Park East.
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.