The Real Deal Miami

Dalfen America pays $28.8M for
Central Florida industrial portfolio

The company bought the 426,000-square-foot portfolio in Lakeland and Winter Haven for $67 per square foot
January 21, 2018 03:00PM

4070 South Pipkin Road in Lakeland (Credit: Buckner Commercial Properties)

Dalfen America Corp. bought a portfolio of four industrial buildings in Central Florida for $28.8 million.

Parkway Partners sold the 426,000-square-foot industrial portfolio, including three buildings in Lakeland and one in Winter Haven, for $67 per square foot.

Brokerage firm JLL, which represented the seller in the transaction, said the price paid for the portfolio equated to a 5.6 percent capitalization rate, or net operating income divided by sale price.

The three industrial buildings in Lakeland are located at 4070, 4035 and 4150 South Pipkin Road in a development called Parkway Corporate Center. The fourth building is 16 miles east of Parkway Corporate Center at 750 42nd Avenue in Winter Haven.

The four buildings are 85 percent leased. All four were built within the last 10 years.

“We are seeing a lot of equity and capital out in the [Central Florida] region’s commercial real estate market as owners and investors continue to chase Class A industrial space,” Ryan Vaught, a senior vice president of JLL, said in a prepared statement. Vaught represented the seller of the four-building portfolio. [Commercial Property Executive]Mike Seemuth