Chicago-area based Brennan Investment Group has purchased a 112 acre tract of land near Interstate 4 in Lakeland. The company plans to build 1.2 million square feet of distribution space in two phases on the property located midway between Tampa and Orlando. The first 720,000 square feet of the project, CenterState Logistics Park, with the remaining 480,000 sq ft to be built upon completion of leasing on the first phase. The company neither disclosed the purchase price nor identified the seller. Brennan Investment Group portfolio spans 22 states and includes almost 23 million square feet of industrial properties.
“Demographically, the Orlando-Lakeland-Tampa area is becoming a mega-region with a current population of about 6 million people that is projected to more than double over the next 25 years,” Bob Krueger, co-founder and Southeast managing principal of Brennan Group, wrote in a statement. “The I-4 Corridor in particular, given its central location within Florida, is seeing a significant rise in big box leasing as Florida’s in-migration of permanent residents and job growth leads the nation in most economic indicators.”
