Lakeland Commerce Center_Property for Sale

5205 Drane Field Road, Lakeland, FL, 33811, US

Lakeland Commerce Center

Asset Description

Jones Lang LaSalle, Inc. ("JLL") has been exclusively retained to market for sale the fee simple interest in Building 400 (the "Property") – a newly delivered 348,740 SF cross-dock industrial facility located within Lakeland Commerce Center, one of Central Florida's premier logistics parks.

The Property is strategically located equidistant from Tampa and Orlando at the heart of the state, enabling same-day delivery to all of Florida's 23M residents, as well as convenient logistics throughout the Southeastern US via I-4 (4.7 miles away). The Property is 100% leased to LG Electronics (the "Tenant") a multi-billion dollar corporation with a global presence that manufactures a diverse range of products including television, home appliances, air conditioners, and mobile devices. This facility will specifically service the distribution of home appliances throughout Florida.

Lakeland Commerce Center Bldg. 400 offers investors an opportunity to acquire a newly-built Class A warehouse with above-market building specifications at a strategic statewide distribution location with guaranteed rent from a credit tenant with contractual 3.65% annual lease escalations.

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Attributes

Building area net

32,399 m²

Year built

2024

Building class

Occupancy

100%

Tenants

LG Electronics

WALT

5.4 years

Media

Investment Highlights

Class A, new construction 348,740 sf cross-dock distribution facility located within Lakeland's premier master planned business park.

Fully leased with 5.4 years of term remaining to LG Electronics – a wholly owned subsidiary of LG Corporation, a $64 billion dollar South Korean multinational conglomerate.

LG Electronics currently has 128 facilities worldwide with a workforce of 83,000 employees.

Attractive acquisition offered at a spread to all-in borrowing costs (T + 180) and at a discount to recent trades ($166 psf+).

Favorable NNN lease structure with limited landlord responsibilities and no near-term capital requirements.

Modern design specifications and high functionality featuring 36' clear height, 185' truck court, 84 dock high doors, 132 trailer parking spaces, and 206 auto parking spaces.

Strategic location and regional distribution capabilities provide access to over 13.6 million consumers within a 3 hour drive time via I-4 (4.7 miles away) and Polk Parkway (4.7 miles away).