by Evelyn Jozsa | Commercial Property Executive | Jan 15, 2018
The portfolio includes four properties totaling 426,000 square feet, located in Lakeland and Winter Haven, Fla. JLL arranged the transaction on behalf of the seller, Parkway Partners.
JLL has arranged the sale of a four-property industrial portfolio in Central Florida for $28.8 million. The 426,000-square-foot portfolio includes three facilities in Lakeland and one building in Winter Haven. Dalfen America Corp. purchased the properties from Parkway Partners, which JLL represented, with a 5.6 percent cap rate and 1.94 weighted average lease term.
The three facilities in Lakeland are located within Parkway Corporate Center at 4070, 4035 and 4150 S. Pipkin Road, alongside Florida State Route 570. Tampa is 30 minutes away via Interstate 4. The fourth building is situated at 750 42nd Ave. in Winter Haven, just 16 miles from Parkway Corporate Center. All four assets were constructed within the past decade and are equipped with tilt-wall construction, ESFR sprinkler systems, rear-load facilities with oversized truck courts and on-site trailer storage. The buildings are 85 percent leased, and tenants include Packaging Corp. of America.
“There is strong competition within Central Florida’s industrial sector as landlords look to capitalize on a thriving market, which is what made this portfolio so attractive for acquisition as the buyer was able to attain a large amount of square footage at once,” said Ryan Vaught, senior vice president of JLL, in prepared statements. “We are seeing a lot of equity and capital out in the region’s commercial real estate market, as owners and investors continue to chase Class A industrial space.”
Vaught represented the seller in the transaction. He was also part of JLL’s team, which brokered the sale of two industrial facilities within Crossroads Commerce Center in Tampa in December 2017.