1200 Bartow Road

1200 Bartow Road, Lakeland, FL, 33801, US

Description

Jones Lang LaSalle, Inc. (“JLL”) has been exclusively retained to market for sale the fee simple interest in 1200 Bartow Road (the “Property”) - a 4 building light industrial park strategically positioned in Polk County, one of the fastest growing counties in Florida. The Property features stable cash flow from a partial sale-leaseback to Marriott Vacations Worldwide (NYSE: VAC) and offers investors an exceptional opportunity to acquire a shallow-bay industrial asset massively below replacement cost with significant repositioning upside.

The 119,000 SF park contains four highly functional light industrial buildings that were previously owner-occupied and feature 20’ clear heights, grade-level and dock-high capabilities, convertible punch-outs for roll-up door installation, multi-storefronts enabling flexible multitenant strategies, and an additional ~2.9 acres that could be used for outdoor storage or developed to add ~18,000 SF. Ownership has recently completed significant improvements totaling over $1M including backup generator infrastructure, sealing and stripping, building seals, and other enhancements minimizing near-term capital requirements. The facility also benefits from the potential for specialized data center capabilities supported by proximate substation access (less than 2 miles) and existing 1025 KVA power capacity.

The Property is located at the heart of one of Florida’s fastest-growing industrial markets, offering unparalleled accessibility and logistics capabilities with the ability to reach both the Tampa and Orlando MSA’s and over 7.6 million people within a 90-minute drive.

1200 Bartow Road presents a rare opportunity to acquire a strategically located light industrial with actionable conversion strategy and mitigated risks due to the 2 year partial lease-back from MVW and acquisition basis at a significant discount to replacement cost and compelling spread to expected residual value.

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Attributes

Buildings

Land area gross

8.86 ha

Square Feet

119,000

Clear height

6.1 m

Loading Doors

17 Grade-Level / 6 Dock-High

Truck Courts

100’-110’

Media

Investment highlights

Deep value-add opportunity supported by a partial-sale leaseback from Marriott Vacations Worldwide (NYSE: VAC) to provide cash flow during lease-up.

Significant upside through the lease up of the remaining 90K SF while benefitting from continued rent appreciation with Lakeland’s exceptional 8.4% 5-year average YoY rent growth.

Attractive acquisition basis representing a discount to both recent trades ($137 PSF) and replacement cost (~$195 PSF), stabilizing at a significant spread to stabilized cap rates (150bps+).

Light industrial product continues to outperform in the market, with occupancy reaching 95%.

Future value creation opportunity with development upside of ~2.9 acres of excess land providing ~18,000 SF development potential or IOS space.

Strategic location in Polk County submarket, 7th population growth county in the state, equidistant from Tampa and Orlando reaching over 3 million customers within 1 hour.

Streamlined repositioning opportunity given 20’ existing clear height and 17 existing grade-level loading doors, 6 dock-high loading doors, and punch outs to be converted to roll up doors.

Institutionally maintained property with limited deferred maintenance including recently installed roofing systems and backup generator infrastructure providing 250-kilowatt electrical service.