Lakeland warehouse sells for more than $100 million
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Sep 3, 2021

A Lakeland warehouse occupied by hospital giant HCA Healthcare has sold for more than $100 million.

The 713,000-square-foot warehouse in Bridgewater Park, which broke ground speculatively on a redeveloped golf course, sold to Boston-based AEW Capital Management LP in a deal that closed Aug. 24, according to Polk County property records.

The seller was the developer of Bridgewater Park, a partnership of Transwestern Development Co. and Crow Holdings Capital Real Estate. The developers landed the HCA lease in May 2020, about a month before the warehouse wrapped up construction.

There is unprecedented demand for industrial properties throughout the U.S., and Lakeland and the Interstate 4 corridor have seen a surge in interest in the wake of the novel coronavirus pandemic. Institutional investors like AEW — which has $88.6 billion in assets — are increasingly pursuing properties throughout Central Florida.

In June, a subsidiary of Morgan Stanley paid $170 million for an Amazon-occupied warehouse in Auburndale. Another Amazon warehouse in Lakeland sold for $108 million in April.

Deals of that magnitude are encouraging other developers to pursue large speculative projects. Several are underway throughout Plant City, Lakeland the I-4 corridor.