LAKELAND, FL-On the market for 18 months, the 151,200-sf VIP Structures Building has been sold to Star 999 Development Inc. for $3.2 million or about $21.16 per sf. Syracuse-based Nutting/Rice Lakeland LLC, the buyer, plans to hold the 100%-occupied dock-high property at 2222 West Bella St. as an investment.
The transaction took three months to complete, from contract signing to closing. Tim Callahan, a director in the Tampa office of Cushman & Wakefield of Florida Inc., negotiated for the buyer. Susan Ruby of Cushman & Wakefield's Orlando office assisted in the transaction. Buckner Real Estate in Lakeland represented the seller.
Callahan tells GlobeSt.com the 11.3-acre property along the Interstate 4 corridor is zoned for general industrial use. There were no special environmental or government challenges buyer or seller had to overcome before closing the deal, Callahan adds.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
