Crescent Communities' AXIAL Industrial Closes Sale Lakeland North Business Center
Feb 17 '22
Charlotte, N.C. – (February 17, 2022) – Today, Crescent Communities’ AXIAL Industrial division announces the sale of Lakeland North Business Center – a 300,000 square foot speculative shallow bay industrial development in Lakeland, FL – to private equity real estate management firm High Street Logistics Properties, 20 months after the project’s groundbreaking in July 2020.
Lakeland North Business Center sits on 28 acres at 900-920 North Chestnut Road in Lakeland. The project is strategically positioned in an advantageous area of Central Florida along Interstate 4, located 30 miles northeast of Tampa and 45 miles southwest of Orlando. This region has experienced economic and population growth far outpacing national trends. Located in the center of Florida’s peninsula, the shallow-bay industrial site has access to 20 million people within a five-hour drive, and a population of 8.8 million within a 100-mile radius, making it well-suited for a regional distribution hub. The growing market is anchored by nationally recognized companies, including the Publix Super Markets headquarters, and exhibits strong leasing activity by Amazon, Walmart, IKEA, and UPS. The building also has multi-tenant capabilities; last mile companies will find it appealing due to its size and ideal location.
“Our AXIAL Industrial team strongly believes in Central Florida’s growth potential – specifically the state’s I-4 corridor, where Lakeland North Business Center is located – and we look forward to seeing the great things High Street Logistics Properties achieves in the area with their purchase of this development,” said Bryan Blythe, Managing Director of AXIAL Industrial at Crescent Communities’ Commercial business unit. “Lakeland North’s successful completion and sale further reinforces this corridor’s increasing industrial market demand. We look forward to continuing to grow Crescent Communities’ footprint in the area with future commercial projects to come.”
Designed to further strengthen the Crescent Communities’ already successful industrial division, AXIAL Industrial provides customers and investors with unparalleled, customized options that contribute significant value and solutions throughout the entire development process. The team’s innovative approach allows AXIAL Industrial to deliver projects that are thoughtfully executed with a focus on efficiency and flexibility, resulting in a simplified client experience with honest and transparent communication for all partners involved. To enhance its tailored offerings, AXIAL Industrial has crafted an integrated location-sourcing and development process that will continue to make the Crescent Communities team leaders in the industry.
“Lakeland North Business Center brings a new and unique type of industrial build to the Lakeland area,” said David P. O’Reilly, Managing Director of Acquisitions (Southeast Region) at High Street Logistics Properties. “It’s a blank canvas for companies looking for exceptional accessibility, flexibility, and size within the I-4 corridor. We are pleased to expand our footprint in Central Florida and look forward to identifying new tenants for the Lakeland North Business Center development.”
Crescent Communities’ AXIAL Industrial leadership team has experience encompassing over $660 million in completed projects combined. Today, its industrial portfolio totals $645 million and over 12 million square feet of completed, under construction, or planned projects. In addition to Lakemont Logistics Center, Crescent Communities’ Industrial projects currently under construction or operating include Lakemont Logistics Center (Fort Mill, SC), Stateline Logistics Center (Fort Mill, SC), AXIAL Bonds Farm (Concord, NC), AXIAL Crosspoint (Greenville, SC), and AXIAL 301 Manatee (Bradenton, FL).
Lakeland North Business Center was brought to life by a number of partners including McDunk, LLC (JV equity), Native Development Group (development partner), Newmark Knight Frank (leasing), Itasca Construction (general contractor), Horton, Harley & Carter, Inc. (architect), and JSK Consulting (civil engineer).
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About Crescent Communities:
Crescent Communities is a nationally recognized, market-leading real estate investor, developer and operator of mixed-use communities. We create high-quality, differentiated residential and commercial communities in many of the fastest growing markets in the United States. Since 1963, our development portfolio has included more than 69 multifamily communities, 22 million square feet of commercial space and 60 single family master-planned communities. Crescent Communities has offices in Charlotte, DC, Atlanta, Orlando, Nashville, Dallas, Denver, Phoenix and Salt Lake City. Our residential communities are branded NOVEL, RENDER and HARMON by Crescent Communities.