LAKELAND, Fla., Jan. 9, 2018 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Lakeland Plant Property, a 26.3-acre industrial land in Lakeland, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $4,975,000.
Paul Bouldin, an investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was secured and represented by Paul Bouldin. At the time of this closing, the 26.3-acre Lakeland Plant Property consisted of 15 vacant acres. The office warehouse building on the property contains approximately 85,575 rentable square feet. The same tenant has leased the building since 2003.
“This transaction allowed the seller to reposition their assets at a value well above the current revenue. Simultaneously, the buyer infused new capital, offer the tenant significant expansion options, and secure a new long-term lease. The buyer plans to immediately remarket the property with a new triple-net credit lease in place and 10-15 acres for the development of industrial space at the intersection of I-4 and the Polk Parkway,” says Mr. Bouldin.
The property is 30 minutes east of downtown Tampa and is one hour west of downtown Orlando and ideally located at the southeast intersection of Interstate 4 and the Polk Parkway (Toll Road 580) at 4500 Frontage Road South, Lakeland, Florida, in eastern Polk County.
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About Marcus & Millichap (NYSE: MMI)
With over 1,700 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 9,000 transactions in 2016 with a value of approximately $42.3 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com