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| Paul Bouldin |
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 also secured and
represented by 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.
www.MarcusMillichap.com
For
more information on this transaction, please contact:
Ari Ravi
Regional Manager, Tampa
(813) 387-4700
Or
Rachel Jean-Pierre
Marketing Coordinator
Marcus & Millichap
4030 W. Boy Scout
Boulevard
Suite 850
Tampa, FL 33607
(813) 387-4743 direct
(813) 387-4700 main
(813) 387-4710 fax
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