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Xebec's approach in Lakeland is a regional distribution strategy, which complements its focus on intermodal logistics, along with its national plan to grow its Texas asset base for long-distance transport.
Regency Plaza is currently 99% leased. Other tenants at the property include: Chuck E. Cheese, Coco Beauty Supply and Sakura Buffet. The property was originally built in 1973 and renovated in 2011.
Commercial construction totaled $23.8 billion between 2013 and 2017, yielding a total of more than 73 million new square feet of space. The last three years showed the strongest growth, with each year topping $5 billion and 16 million square feet of new commercial construction.
With several projects hitting the market, 2017 and 2018 were considered “prove it” years for Downtown Los Angeles, and the market is taking the new supply in stride.
Heightened interest in urban areas is attracting significant development that can help turn around areas that had fallen on hard times, according to Anthony Cassano of NAI James E. Hanson.