BentallGreenOak Pays $51M for Florida Distribution Center

Pace Logistics Center, Building 100. Image courtesy of JLL

Intersect Development Group has sold a 464,000-square-foot industrial building situated within Pace Logistics Center, in Auburndale, Fla. JLL negotiated on behalf of the seller and assisted the buyer in securing acquisition financing.

According to Polk County records, BentallGreenOak acquired the property for $50.7 million. The same source shows that Affinius Capital provided acquisition financing in the form of a refinancing from a portfolio loan, maturing in 2025.

Completed in 2023, the single-story, cross-dock building is located at 795 Pace Road and includes 40-foot clear heights, 350 parking spots and a 190-foot truck court. Other proposed buildings at Pace Logistics Center include Buildings 200 and 300, both at 105,600 square feet, and a 134,400-square-foot Building 400, CommercialEdge data shows.

Situated on a nearly 28-acre lot, Building 100 is located close to Interstate 4 and State Route 557, 22 miles from Lakeland Linder International Airport, 42 miles from Orlando, Fla., and within 45 miles of Tampa, Fla.

A JLL Capital Markets Investment Sales and Advisory team including Senior Managing Director Britton Burdette, Managing Director Luis Castillo, Director Cody Brais and Analyst Taylor Osborne represented the seller. The company’s Capital Markets Debt Placement team of Senior Director Taylor Allison, Managing Director Paul Spellman and Analyst Emma Buch negotiated on behalf of the new owner.

Last year, JLL Capital Markets worked on a similar deal in the area, when Oaktree Capital Management purchased a recently completed, two-building industrial portfolio totaling 262,200 square feet in Orlando.