Equus Pays $38M for Tampa-Area Industrial Campus
A joint venture between an affiliate of Equus Capital Partners and a U.S.-based public pension plan has acquired a two-building, 299,241-square-foot industrial campus in Lakeland, Fla., a Tampa submarket. An affiliate of High Street Logistics Properties sold the asset for $38 million.
CBRE arranged the deal on behalf of the seller. The Class A park was fully leased at the time of sale to two tenants: Gruma—a subsidiary of Mission Foods—and Safelite.
The campus previously traded in February 2022, when Crescent Communities sold it for $25.9 million to High Street Logistics Properties, according to CommercialEdge information.
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Building 100 measures 178,702 square feet, the same source shows, and features 45 dock-high loadings doors, two drive-in doors, 53 trailer stalls and 150 car parking spaces. The 120,539-square-foot Building 200 comprises 27 dock loading doors and two drive-in doors, 97 parking spots and 36 trailer stalls. Additionally, both facilities have 32-foot clear heights.
The campus is at 900 and 920 N. Chestnut Road, close to Interstate 4 and about 4 miles from Downtown Lakeland. Downtown Tampa is within 32 miles, while the Tampa International Airport is 36 miles southwest.
CBRE Vice Chairs Frank Fallon and Jose Lobon represented the seller in the deal. Equus Vice President Tim Feron and Analyst Tucker Scaringe oversaw the acquisition on behalf of the buyer.
Tampa facilities trade on par with U.S. figures
Year-to-date through July, Tampa’s industrial sales volume amounted to $621 million, according to the latest CommercialEdge industrial report. Assets in the metro changed hands for $135 per square foot on average, on par with the U.S. figure.
At the beginning of the year, PCCP LLC sold Tampa Airport Logistics Center, a 297,254-square-foot industrial campus. Clarion Partners acquired the two-building property for $55.6 million—or about $187 per square foot.
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