March 19, 2018
CenterState Logistics Center, a 605,412-square-foot distribution facility within the I-4 Corridor in Lakeland, FL, has traded hands for $59.6 million. Los Angeles-based Griffin Capital Essential Asset REIT, Inc. was the buyer.
Cushman & Wakefield’s Mike Davis, Rick Brugge and Michael Lerner represented the co-sellers in the transaction, Brennan Investment Group and Westport, CT-based Greenfield Partners.
The Class A facility, which was built speculatively and completed in 2017, is 100% occupied by Quaker Sales and Distribution, a wholly-owned subsidiary of PepsiCo. The triple-net lease has 10 years remaining, and the facility at 8060 State Road 33 is used to distribute the world’s No. 1 sports drink, Gatorade.
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