Rockefeller, Flagler, Cabot, Browning & Locals Staking Claims for Lakeland Industrial Development

Rockefeller, Flagler, Cabot, Browning & Locals Staking Claims for Lakeland Industrial Development

Polk County and more specifically Lakeland along the Interstate 4 corridor have become recognized as a strategic distribution hub and business location both regionally, nationally and internationally with a multitude of development companies staking claims to capitalize on future growth and development in the region. Strategically, the area boasts of a population of 8.5 million within a 100 mile radius. Access to ports along both the east and west coasts of Florida - with the Port of Tampa approximately 30 miles from Lakeland. Additionally, Lakeland/Polk is within an hour’s drive of the Tampa and Orlando metro markets, which both consist of international airports. There are numerous colleges and universities, as well as a range of technical schools both locally and within proximity to the area, including the most recently planned university - USF Polytechnic campus in Lakeland, which is scheduled for the first phase of construction in 2010. These factors and others, including the planned high speed rail and CSX Intermodal Center, have been driving an acquisition spree in the area over the last few years. What was once a market dominated by local groups making up the majority of development and investment activity in this sector, now has given way to a range of new regional and national firms strategically positioning themselves for the continued growth expected in the region.

Interstate 4/State Road 33 junction experiences substantial transaction activity in 2008


Rockefeller Group Development Corporation purchased 113+ acres along the north side of State Road 33, just north of Interstate 4 in Lakeland. This is at I-4 exit 38/State Road 33. The site is the former home to the USA International Speedway. The property was purchased in August of 2008 for $9,300,000 or approximately $82,301 per acre. Rockefeller Group Development Corporation plans to build a first-class industrial park, which will consist of just over one million square feet of space, targeted to large scale tenants. The preliminary plan includes one 590,200 SF building, one 440,000 SF building, and one 120,000 SF building. This project is RGDC’s first project in the Polk County/Lakeland market.
Sources: Rockefeller Group Development Corporation Website and Public Records
Link: http://www.rockgroupdevelopment.com/fl/lakeland.html

Cabot Properties purchased 60+ acres along the north side of Interstate 4 and south side of State Road 33 also at Exit 38 in Lakeland. Cabot is a private equity real estate investment firm based out of Boston, Massachusetts. This property was acquired as part of the Cabot Industrial Value Fund II. The purchase was in July of 2008 for $5,309,929, which equates to approximately $88,150/acre. This property is just east of the 113 acre property Rockefeller Group Development Corporation purchased in August of 2008.
Sources: Cabot Properties Website and Public Records
Link: http://www.cabotprop.com/

Browning, Inc. purchased 104+ acres July of 2008 for $85,000/acre or approximately $8,840,000. This site is located along the north side of State Road 33, north and east of the two properties discussed above. Browning is Indianapolis, Indiana based real estate development company. This property is planned for just under 1.7 million square feet of distribution space. The first planned building will consists of approximately 210,600 SF, the second building will consists of 554,040 SF and be expandable to 1,049,760 SF. The third building is planned for 437,400 SF.
Sources: Browning, Inc. Website and Public Records
Link: http://www.browninginvestments.com/default.aspx

Brown Development Group purchased 115+ acres in January of 2006 for $4,336,600, which equates to $37,795/acre. This property is located along the south side of Interstate 4, just west of State Road 33 at Exit 38 of I-4. This site is adjacent to the planned campus of the University of South Florida Polytechnic in Lakeland. BDG is a Miami based real estate development company.
Sources: Brown Development Group Website and Public Records
Link: http://www.bdgflorida.com/lakeland-i4-property

The Ruthven’s, a local Polk County Florida Industrial Property, Developer, Owner, and Manager, purchased 165+ acres located along the north side of Interstate 4 and south side of State Road 33, east of both the Rockefeller site and Cabot site and along the western boundary of the on/off ramp to the Polk Parkway. The property was purchased in August of 2008 for $6,885,000, which equates to approximately $41,649/acre.
Sources: Ruthven’s Website and Public Records
Link: http://www.ruthvens.com/

West Lakeland – Polk Parkway, Airport Road, County Line Road transaction activity


“Lakeland Central Park”
Flagler Development acquired 733+ acres of land located along the west side of Airport Road and north and east sides of the Polk Parkway. This location is south of Interstate 4 with the Polk Parkway and Airport Road providing access to I-4. The land was acquired in a number of transactions throughout 2005 for a combined purchase price of just over $17,000/acre. This project is named as Lakeland Central Park and is planned for 5 million square feet of warehouse, 650,000 SF of Class A office, 225,000 SF of retail and hotel and residential units. Over the next five years Flagler plans to develop 1.4 million SF of warehouse space and 112,306 SF of Class A office space.
Sources: Flagler Development Website and Public Records
Link: http://www.flaglerdev.com/Properties.aspx?id=24&nav=59

“Lakeland Distribution Center”
Flagler Development also acquired 117+ acres along the west side of County Line Road just south of Interstate 4 in September of 2005 for $5,100,000 or approximately $43,300/acre. This property is planned for up to 1.2 million square feet of warehouse and distribution space and will be known as Lakeland Distribution Center.
Sources: Flagler Development Website and Public Records
Link: http://www.flaglerdev.com/Properties.aspx?id=25&nav=59

The Ruthven’s purchased 45+ acres along the north side of Drane Field Road, south side of the Polk Parkway, west of Waring Road. This property will be developed with the Ruthven Parkway Center and its location is just south of the 733 acre Lakeland Central Park development planned by Flagler Development along the north side of the Parkway.
Sources: Ruthven’s Website and Public Records
Link: http://www.ruthvens.com/

Lakeland Industrial Land - Transactions Summary
Rockefeller Group – (I-4/State Road 33) – August 2008 - $82,301/acre+
Cabot Properties – (I-4/State Road 33) – July 2008 - $88,153/acre+
Browning – (State Road 33) – July 2008 - $85,000/acre+
Brown Development Group (I-4/S.R.33) – January 2006 - $37,795/acre+
Ruthven – (I-4 & State Road 33) – August 2008 - $41,649/acre+
Flagler – Polk Parkway/Airport Road – Throughout 2005 - $17,000/acre+
Flagler – County Line Road – Sept. 2005 - $43,324/acre+
Ruthven – Polk Parkway/Drane Field Road – April 2005 - $55,563/acre+
*Note - the above price per acre figures are based on total/gross land area purchased.
*Note2 – The above transactions are not inclusive of all Lakeland Industrial acquisitions but are included as notable transactions.

For more information, an in-depth analysis, and/or site selection services contact:

Mike Cliggitt
863-661-1165
http://www.cliggitt.com/

Lakeland, Florida Ranks in Top 10 Cities for Energy Star Buildings

Lakeland, Florida Ranks in Top 10 in U.S. for # of Energy Star Buildings


As of 2009 Lakeland, Florida had 120 buildings that have been labeled as Energy Star rated buildings totaling approximately 11.4 million square feet of space. The EPA/Energy Star program has estimated that the energy costs savings produced is approximately $8.3 million or equal to 6,300 homes energy use.

Top 10 Rankings include the following:
1 – Los Angeles, CA – 293 Buildings
2 – Washington, DC – 204 Buildings
3 – San Francisco, CA – 173 Buildings
4 – Denver, CO – 136 Buildings
5 – Chicago, IL – 134 Buildings
6 – Houston, TX – 133 Buildings
7 – Lakeland, FL – 120 Buildings
8 – Dallas-Fort Worth, TX – 113 Buildings
9 – Atlanta, GA – 102 Buildings
10 – New York, NY – 90 Buildings

Information utilized is from the EPA/Energy Star Website. A link to the information is found below:
http://www.energystar.gov/ia/business/downloads/2009_Top_25_cities_chart.pdf