Cushman & Wakefield's capital markets brokerage senior director Rick Brugge

MIAMI—CenterState Logistics Center, a 605,412-square-footdistribution facility within the Interstate 4 Corridor in Lakeland,FL, has traded hands. The sale price: $59.6 million and the assetsold for a record low cap rate.

The class A industrial facility was builtspeculatively and completed in 2017. Theindustrial property is 100% occupied by QuakerSales and Distribution, a wholly-owned subsidiary of PepsiCo.Quaker Sales and Distribution has a triple-net lease with 10 yearsremaining and uses the facility to distribute the sports drink,Gatorade. Griffin Capital Essential Asset REITacquired the industrial asset.

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