JLL Brokers $28.75 Million Sale Of Industrial Portfolio In Central Florida

Jan 12, 2018 No Comments by

JLL announced today that the firm has closed on the $28.75 million sale of a portfolio comprised of four Class A industrial buildings that total 426,000 square feet.

The facilities are located within Parkway Corporate Center at 4070, 4035 and 4150 South Pipkin Road in Lakeland. The properties provide immediate access to I-4 via Polk Parkway.  The fourth building is situated at 750 42nd Ave. in Winter Haven.

JLL Senior Vice President Ryan Vaught and Associate Robyn Hurrell represented the seller, Parkway Partners, in the transaction. The properties were sold as one portfolio to Dalfen America Corp., a real estate investment manager focused on industrial properties in key markets throughout the US and Canada.

The sale was negotiated with a 5.6% CAP rate and 1.94 weighted average lease term.

 

“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 JLL’s Ryan Vaught. “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.”

All of the industrial facilities in the portfolio have been built within the last 10 years and are outfitted with the latest industry-leading features. For example, each of the four buildings offer tilt-wall construction, ESFR sprinkler systems, rear-load facilities with oversized truck courts, and on-site trailer storage.

The portfolio is currently 85% occupied and is home to multiple tenants including Packaging Corporation of America, one of the largest producers of containerboard and corrugated packaging products in the country.

 

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