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Nuveen buys Lakeland building from Brennan

TIAA affiliate’s $41.2 million purchase marks the latest disposition of spec-developed asset in the Interstate 4 Corridor by Illinois developer


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  • | 6:00 a.m. September 18, 2020
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COURTESY RENDERING -- Nuveen Real Estate, an affiliate of investment firm TIAA_CREF, spent more than $41 million to acquire a Lakeland distribution center from Brennan Investment Group.
COURTESY RENDERING -- Nuveen Real Estate, an affiliate of investment firm TIAA_CREF, spent more than $41 million to acquire a Lakeland distribution center from Brennan Investment Group.
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For the second time in the past three years, Chicago-based Brennan Investment Group and a partner have sold a major industrial asset in Lakeland fully occupied by PepsiCo.

In the most recent of the pair of deals, Teachers Insurance and Annuity Association affiliate Nuveen Real Estate last month acquired a 440,000-square-foot building in the developer’s CenterState Logistics Park West for $41.2 million.

Brennan Investment and Grandview Partners began developing the building, which features a 36-foot-clear ceiling height and specially designed floors to aid stacking, on a speculative basis in 2018.

The 8054 State Road 33N building on nearly 44 acres also contains 115 dock doors, a truck court depth of 130 feet, ESFR fire suppression system and 172 trailer parking space on site.

Cushman & Wakefield capital markets team Mike Davis, Rick Brugge and Rick Colon negotiated the transaction on behalf of Brennan and Grandview, together with the firm’s Dominic Montazemi, Zachary Eicholtz and Brooke Tulley.

CenterState West is conveniently located along the Interstate 4 corridor, one of the fastest-growing warehouse and distribution hubs in the state of Florida due to its logisitical advantages,” Brugge says of the deal.

The sale is the second Cushman. Wakefield has executed on Brennan and Grandview’s behalf in CenterState West. In early 2018, the commercial real estate brokerage firm sold a 605,412-square-foot building fully occupied by PepsoCo subsidiary Quaker Oats Co. to Los Angeles-based Griffin Capital Essential Asset REIT Inc., for $59.6 million.

As was the case with its companion building, Brennan and Grandview built the first CenterState West distribution hub on a speculative basis without tenants in place.

At the time, the $100 million development on 112 acres represented the largest spec industrial project in the state.

Today, Brennan and Grandview are once again constructing the largest spec industrial project in Florida, a $90 million, 1 million-square-foot distribution center on 165 acres in Lakeland.

Centerstate Logistics Park East is slated for delivery by the end of this year. In all, the new Lakeland industrial development is slated to contain an additional 500,000 square feet.

In all, Brennan has developed roughly 50 million square feet in its 10-year history.

 

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