Fresh-food distribution company purchases warehouse in Lakeland for $1.8M
LAKELAND, Fla. (August 7, 2013) – Caito Foods Service has purchased a food and cold storage warehouse in Lakeland for $1.8 million, establishing the national distributor’s first such facility in Florida.
Ed Miller, CCIM, SIOR, Managing Director & Principal, and Dee Seymour, MCR, CCIM, SIOR, Managing Director of Industrial Services for Colliers International Tampa Bay, represented the seller, TBI Properties Florida. Tim Kilkelly of CNL represented the buyer.
Indianapolis-based Caito purchased the facility to serve Florida’s population from a central location. The 39,120-square-foot warehouse is already equipped for food distribution with a cooler, freezer and dry storage space, and offers excellent access to Interstate 4 and surrounding counties.
Caito currently distributes to small retailers and large regional chain stores in 10 states in the Midwest and eastern U.S. from its distribution centers in Indianapolis and Newcomerstown, Ohio.
“This transaction is an indication that as the economy improves, Florida is an attractive place for businesses to expand,” said Miller. “For this buyer in particular, facilities need to have highly specialized features, making them expensive to build. The fact that the facility had all of the necessary qualities made it very appealing.”
The warehouse is located at 5300 Great Oak Drive in Lakeland.
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