-Kevin McQuaid | Commercial Real Estate Editor
In what is believed to be among the largest industrial leases in the Interstate 4 corridor between Tampa and Orlando in the past three years, a division of food conglomerate Pepsico has committed to occupy the entire first building at Centerstate Logistics Park, in Lakeland.
The Quaker Oats Co. lease for the entire 605,000-square-foot building marks a continuation of heavy distribution and fulfillment activity in Hillsborough and Polk counties in 2017.
Companies such as Amazon, Wal-Mart Stores Inc., Southern Wine & Spirits and others have been drawn the corridor because its location allows access to more than 9 million consumers within a single day’s drive.
Illinois-based Brennan Investment Co. completed its initial building in Centerstate Logistics Park earlier this year, and Pepsico is expected to begin its occupancy in early 2018.
Robert Krueger, a Brennan Investment co-founder and managing principal based in Tampa, says the developer benefited from having the largest available space in the I-4 corridor market.
“Ours is the only 600,000-square-foot space out there, and the location and building’s specs fit their needs well,” Krueger says.
Pepsico is expected to distribute Gatorade from the 3401 Old Polk City Road facility, which features 36-foot-clear ceiling heights and a “super-flat” floor made with specially designed concrete.
Buoyed by its success with the first building, Brennan Investment has filed for site permits for a second Centerstate Logistics building measuring 440,000 square feet, Krueger says.
The company hopes to complete that building in the second half of next year.
In all, the $100 million development is expected to contain 1.2 million square feet of space.
Seven-year-old Brennan Investment owns more than 35 million square feet of mostly industrial space nationwide.
Read the original article by Business Observer here.
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