MIAMI—CenterState Logistics Center, a 605,412-square-foot distribution facility within the Interstate 4 Corridor in Lakeland, FL, has traded hands. The sale price: $59.6 million and the asset sold for a record low cap rate.
The class A industrial facility was built speculatively and completed in 2017. The industrial property is 100% occupied by Quaker Sales and Distribution, a wholly-owned subsidiary of PepsiCo. Quaker Sales and Distribution has a triple-net lease with 10 years remaining and uses the facility to distribute the sports drink, Gatorade. Griffin Capital Essential Asset REIT acquired the industrial asset.
The Cushman & Wakefield Capital Markets Team of vice chairman Mike Davis, executive director Rick Brugge and executive director Michael Lerner represented the co-sellers in the transaction, Brennan Investment Group and Greenfield Partners.
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