{"id":1004750452,"date":"2025-03-13T10:11:20","date_gmt":"2025-03-13T18:11:20","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004750452"},"modified":"2025-03-24T07:10:00","modified_gmt":"2025-03-24T15:10:00","slug":"altman-properties-jv-lands-financing-for-tampa-development","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/altman-properties-jv-lands-financing-for-tampa-development\/","title":{"rendered":"Altman Properties JV Lands Financing for Tampa Development"},"content":{"rendered":"<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/Lakeland-Rendering-e1741866250332.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1443\" height=\"1081\" data-attachment-id=\"1004750471\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/altman-properties-jv-lands-financing-for-tampa-development\/lakeland-rendering\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/Lakeland-Rendering-e1741866250332.png\" data-orig-size=\"1443,1081\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Apex Logistics at Lakeland Rendering\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Image courtesy of Altman Logistics Properties, &lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/Lakeland-Rendering-e1741866250332.png?w=1024\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/Lakeland-Rendering-e1741866250332.png\" alt=\"Rendering of Apex Logistics at Lakeland, an industrial building to be developed in Lakeland, Fla.\" class=\"wp-image-1004750471\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/Lakeland-Rendering-e1741866250332.png 1443w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/Lakeland-Rendering-e1741866250332.png?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/Lakeland-Rendering-e1741866250332.png?resize=768,575 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/Lakeland-Rendering-e1741866250332.png?resize=1024,767 1024w\" sizes=\"auto, (max-width: 1443px) 100vw, 1443px\" \/><\/a><figcaption class=\"wp-element-caption\">The industrial development will rise on a 22.5-acre lot, close to Interstate 4. <em>Image courtesy of Altman Logistics Properties <\/em><\/figcaption><\/figure><\/div>\n\n\n<p>A joint venture of Altman Logistics Properties and FRP Development Corp. has obtained $16 million in construction financing for the development of a 202,000-square-foot industrial project in Lakeland, Fla.<\/p>\n\n\n\n<p>JLL Capital Markets brokered the deal on behalf of the borrower, while Seacoast Bank provided the financing.<\/p>\n\n\n\n<p>Dubbed Apex Logistics at Lakeland, this is the joint venture\u2019s first Class A industrial project in Central Florida. The development will rise on a 22.5-acre lot and will replace an existing single-story office building.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/top-markets-for-industrial-deliveries\/\">Top 10 Markets for Industrial Deliveries<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>The developer will begin sitework this first quarter, while vertical construction will start in the fall. Completion is expected for 2026\u2019s first quarter.<\/p>\n\n\n\n<p>Situated along the Interstate 4 Corridor, Apex Logistics at Lakeland will be a last-mile distribution hub with easy access throughout Central Florida. Orlando, Fla. and Tampa Bay are within 50 miles, as are other major thoroughfares.<\/p>\n\n\n\n<p>JLL Managing Director Melissa Rose, Senior Director Michael DiCosimo and Analyst Val McWilliams arranged the financing on behalf of the partnership.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-tampa-development-pace-lags-other-southern-markets\">Tampa development pace lags other Southern markets<\/h2>\n\n\n\n<p>As of January, Tampa had nearly 1.7 million square feet of industrial space under construction, a recent <a href=\"https:\/\/www.commercialsearch.com\/news\/commercialedge-industrial-report-february-2025\/\">CommercialEdge report <\/a>shows. The metro&#8217;s pipeline was the smallest across Southern markets, as it had only 0.6 percent of existing stock underway\u2014well below the 1.7 percent national figure.<\/p>\n\n\n\n<p>Late last year, Rockpoint partnered with Greystar to develop <a href=\"https:\/\/www.commercialsearch.com\/news\/rockpoint-greystar-partner-on-tampa-area-project\/\">Gateway Logistics Center&#8217;s second phase<\/a> in St. Petersburg, Fla. The project is the partnership&#8217;s first and will include three buildings totaling 331,803 square feet, making it the largest industrial project in Pinellas County, Fla., in more than two decades.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Seacoast Bank provided construction funds.<\/p>\n","protected":false},"author":2991,"featured_media":1004750471,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21825,21748,21742,32781,1612],"tags":[52570,41087,44006],"class_list":["post-1004750452","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-finance","category-industrial","category-latest","category-southeast","category-tampa","tag-altman-logistics-properties","tag-frp-development-corporation","tag-jll-capital-markets"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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