Equus Capital Partners, a national real estate investment manager, announced that an affiliate completed the acquisition of a two-building, 299,241 square-foot industrial center located in Lakeland for $38 million.

The property was 100% leased at the time of acquisition.

The investment was made on behalf of a programmatic joint venture between an affiliate of Equus and a U.S. based public pension plan. The seller, an affiliate of High Street Logistics Properties, was represented by Frank Fallon and Jose Lobon of CBRE.

The property at 900 & 920 N. Chestnut Rd is located in Lakeland, 1.5 miles from I-4 and just off of West Memorial Blvd, also known as U.S. Route 92, a 181-mile highway that connects the East and West coasts of Florida. The property sits just 4.2 miles from Lakeland Linder International Airport (LAL), a growing international cargo destination and home to Amazon’s new air cargo hub, the company’s largest such facility in the Southeast.

The subject buildings were built in 2021 and were developed to today’s Class A specifications including a minimum clear height of 32’, ESFR sprinkler system, LED lighting, 54’ x 45’ column spacing, and excess trailer parking with a total of 89 stalls. The buildings are leased to two tenants: Gruma, a subsidiary of food manufacturer Mission Foods, and Safelite, a subsidiary of vehicle glass repair company Belron.

“This acquisition expands our presence in Lakeland with two class A buildings occupied by high credit tenants,” commented Tim Feron, Vice President of Equus, who oversaw the acquisition along with Tucker Scaringe, analyst at Equus. “Due to its central location and connectivity to I-4, Lakeland has established itself as a distribution hub serving the entire state. As the Florida population continues to grow, Lakeland, and these assets in particular, should continue to benefit from the demand for modern warehouse space,” Feron continued.