Chicago-area based Brennan Investment Group, LLC, bought about 112 acres of land near Interstate 4 in Lakeland for construction of 1.2 million square feet of distribution space midway between Tampa and Orlando. The company neither disclosed the purchase price nor identified the seller.
“Demographically, the Orlando-Lakeland-Tampa area is becoming a mega-region with a current population of about 6 million people that is projected to more than double over the next 25 years,” Bob Krueger, co-founder and Southeast managing principal of Brennan Group, said in a prepared statement.
Brennan Investment Group named its industrial development CenterState Logistics Park and will build it in two phases, initially 720,000 square feet, then another 480,000 square feet upon the completion of phase-one leasing.
“The Florida industrial markets are resurgent with strong tenant demand,” Krueger said. “The I-4 Corridor in particular, given its central location within Florida, is seeing a significant rise in big box leasing as Florida’s in-migration of permanent residents and job growth leads the nation in most economic indicators.”
Since 2010, Brennan Investment Group has purchased nearly $1.3 billion of industrial real estate. Its portfolio spans 22 states and includes almost 23 million square feet of industrial properties.
Rosmont, Illinois-based Brennan appears to be related to another Rosemont, Illinois-based company called Big Acquisitions.
GlobeSt.com reported December 29 that Big Acquisitions acquired 112 acres of land in Lakeland for construction of industrial space for companies that need at least 200,000 square feet.