Parkway JV Sells Tampa-Area Facility for $71M

Parkway and Silverpeak have sold a 705,000-square-foot facility at Lakeland Central Park, a multi-phase industrial development in Lakeland, Fla. Ashley Furniture Industries purchased the building for $70.5 million, Business Observer Florida reported. Cushman & Wakefield represented the seller.

Wells Fargo issued a $38.3 million loan for the facility’s construction in 2021, CommercialEdge shows.

Located on 48 acres at 1415 Winston Park Blvd., the building is within 4 miles of Interstate 4 and U.S. Route 92. Lakeland Linder International Airport operates roughly 5 miles away, while Tampa’s Bay Port can be found about 30 miles west.

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Dubbed LCP 200, the building debuted two years ago as part of the park’s first phase, along with several pad-ready sites. The cross-dock facility features a 40-foot clear height, as well as parking arrangements for 444 cars and 183 trailers.

Spanning 740 acres, the industrial campus could encompass up to 5 million square feet of industrial space upon full build-out. Utilizing proceeds from LCP 200’s sale, Parkway plans to build Lakeland Central Park’s phase two, including a road extension providing access to I-4 through a secondary thoroughfare and a new 260,000-square-foot speculative project, as well as multiple other pad-ready sites.

Cushman & Wakefield Executive Managing Director David Perez, alongside Managing Directors Jared Bonshire, Lisa Ross and Trey Carswell, as well as Directors Taylor Zambito and Ryan Hubbard, represented Parkway in the sale of LCP 200.

Tampa industrial investment activity decreases

Metro Tampa’s industrial investment volume clocked in at about $277 million during the first quarter, marking a 5.4 percent decrease year-over-year, according to CommercialEdge information.

More than 2.3 million square feet of industrial product changed hands during the first three months at an average price per square foot of $119, the same source shows. Likewise, the average represented a drop compared to the $137 price recorded during the same period last year.

One of the transactions was Basis Industrial’s purchase of a 472,512-square-foot industrial collection spread throughout metro Tampa. The portfolio commanded $60 million at the end of March.