Developers Transwestern Development Co. and Crow Holdings also have Retained Cushman & Wakefield to Lease for the I-4 Corridor Property
LAKELAND, FL, December 5, 2018 – Cushman & Wakefield has negotiated the sale of a 183.5-acre former golf course site in Lakeland, which will be redeveloped into a Class A industrial project totaling over 1 million square feet. Transwestern Development Co. in partnership with Crow Holdings acquired the property and will break ground on the speculative industrial project in January 2019.
The developers retained the Cushman & Wakefield Industrial Leasing team of Senior Director Jared Bonshire and Senior Director David Perez, based in Orlando, along with Senior Director Julia Silva of Tampa. Bonshire and Perez, along with Director Andrew Slowik and Senior Director Margery Johnson, of Cushman & Wakefield’s Land Advisory Group, negotiated the sale of the property on behalf of the seller.
Called University Park at Bridgewater, the facility is situated at 6200 State Road 33 N. at the intersection with Interstate 4. The site is centrally positioned between Tampa and Orlando within Florida’s booming I-4 Corridor, which provides access to 10 million people in a 110-mile radius, making it ideal for eCommerce fulfillment tenants.
“Developable land for requirements with large floorplates is scarce, so we are excited to capitalize on this rare opportunity to bring a new, state-of-the-art facility to a supply constrained market,” said Steve Kros, Executive Vice President at Transwestern Development Co.
The facility also will be designed to meet eCommerce needs with heavy parking and trailer capacity, and will benefit from its proximity to Florida Polytechnic University as the market for skilled labor continues to tighten. Tenants will have access to signage along I-4, and a new bus stop adjacent to the facility will serve users and their employee base.
“Five years ago, our team at Cushman & Wakefield saw the potential of this site to be the premier distribution location for the state of Florida, which with population growth, is becoming its own region,” said Bonshire. “Redundant access to I-4, direct signage and existing off-site improvements make this location compare favorably to any competitor site.”
According to Cushman & Wakefield research, the Lakeland area continues to be one of the top industrial markets for new construction in the Tampa Bay region with 1.2 million square feet of space delivered year to date. The overall vacancy rate for the market is considerably low at 3.8 percent, based on third quarter data.
Based in Houston, Transwestern Development Co.’s logistics arm specializes in industrial development and investment in state-of-the-art warehouse, distribution and manufacturing facilities throughout the United States and Mexico. Crow Holdings is a North American-focused asset manager of private equity real estate funds, which invests in a variety of real estate asset types including speculative and build-to-suit industrial projects.
The developers expect to complete construction on University Park at Bridgewater in the second quarter of 2020.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, advisory and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Communications Specialist, Florida