Avison Young tapped to lease new spec building at Bridgewater Commerce Center
The statewide distribution center, owned by USAA Real Estate Company
and developed by Seefried Industrial Properties, will deliver in 4Q2016
Tampa, FL — Avison Young announced today that it has been awarded the leasing assignment for one of the largest new speculative industrial projects along the I-4 corridor in Lakeland, a new class A 275,226 square foot building under construction at Bridgewater Commerce Center. The expansion of a successful, long-standing relationship with USAA Real Estate Company, the building’s ownership, Clay Witherspoon, Principal and Managing Director for Tampa with Avison Young, will lead the leasing for the project located in the southwest quadrant of I-4 and Highway 33 in Lakeland, Fla.
“The momentum we experienced in the industrial market throughout 2015 will continue this year in the way of positive absorption, low vacancy and continued demand for space from logistics providers,” said Witherspoon. “Beyond its immediate access to 8.8 million people within a 100-mile radius, we anticipate brisk activity at this building due to its efficient distribution capabilities to the entire State of Florida and especially Central Florida.”
The modern distribution building developed by Seefried Industrial Properties will feature tilt-wall construction with 36-foot clear height, 410-foot depth, cross or dock loading, and one of the few branding / signage opportunities fronting I-4 along Exit 38. Anticipated for occupancy in October 2016, new tenant(s) will join complementary businesses at Bridgewater Commerce Center’s existing six buildings, including JCPenney, Havertys, HD Supply, Empire, Southeastern Paper Group, and TA Chen International, Inc.
“Lakeland has had a historically-low industrial vacancy rate, and we are thrilled to see growth in this sector with the construction of Bridgewater Commerce Center,” said Claudia Tritton, Business Development Director of the Lakeland Economic Development Council. “Due to Lakeland’s convenient location between two of Florida’s busiest metropolitan cities, Orlando and Tampa, the area is bustling. As such, we foresee much success for this new spec project.”
One of the largest blocks of available space in the market, the building can accommodate a single tenant at 275,226 square feet or be divisible by 67,650 square feet for multiple tenants. “Large users are active in this market, dubbed one of the hottest for industrial in the country,” continued Witherspoon. “With an average vacancy in the Lakeland submarket at 4.55 percent as of 4Q 2015, the existing product in the market cannot accommodate the growth cycle of the area, creating a dynamic in which speculative development is a strategic approach for ownership.”
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 2,100 real estate professionals in 75 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial and multi-family properties.
About USAA Real Estate Company
USAA Real Estate Company, with approximately $15 billion in assets under management, provides co-investment, acquisition, build-to-suit and development capital and services for corporate and institutional investors. The USAA Real Estate Company portfolio consists of office, industrial, multi-family, retail and hotel properties, as well as investments in real estate operating companies. USAA Real Estate Company is a subsidiary of USAA, a leading financial services company, serving military families since 1922. For more information, please visit usrealco.com.