Brennan Investment Group, a private real estate investment firm that acquires, develops, and operates industrial facilities throughout the United States, announced its acquisition of six surplus industrial buildings totaling 308,908 square feet in Plant City, Florida, in the Tampa MSA. The seller, Paradise Inc., is a producer and distributor of Candied Fruit brands throughout the country.
“The Plant City and Eastern Hillsborough market has seen unprecedented growth in the industrial sector over the last three years,” said Bob Krueger, Managing Principal at Brennan Investment Group. “The Paradise Commerce Center provides a unique opportunity to accommodate many uses including manufacturing, distribution and commercial. The location, which is just minutes off Interstate 4, fronts on Alexander and Martin Luther King Boulevards, two of the main highways through Plant City.”
The properties are a mile off the I-4 Corridor, running between Tampa and Orlando. The Tampa market has demonstrated strong fundamentals, with positive net absorption of over 1 million square feet year-to-date and a vacancy rate of 5.4%.
“This transaction is another example of our customized corporate real estate initiative,” said Scott McKibben, Chief Investment Officer and Managing Principal at Brennan Investment Group. “This multi-property site has a variety of building types and can be redeveloped into cost competitive, functional space, for a wide range of users.”
Brennan continues to grow its Southeast portfolio, with a total of 68 properties totaling 9 million square feet.