Chicago developer buys Plant City warehouse with big expansion plans
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Dec 20, 2023

Brennan Investment Group has picked up another industrial property in Plant City — and has plans to more than double its warehouse space.

Chicago-based Brennan paid $21.75 million for the 243,650 square-foot-warehouse and adjacent 18 acres at 1420 Gordon Food Service Drive, according to Hillsborough County property records. WinTrust Bank NA provided a $33 million loan for the acquisition and expansion, property records show.

The seller was Gordon Food Service. The warehouse is leased to Sonoco Products Co. Brennan plans to build an additional 249,600-square-foot warehouse on the site. Once that warehouse is complete, Sonoco will enter into a new lease with Brennan for the entirety of the 493,250 square feet.

"We are thrilled to solidify our footprint in Plant City with this acquisition and expansion project as it represents a strategic investment into a thriving market," Brennan said in a statement. "The expansion aligns with Brennan’s commitment to enhance its industrial footprint in Central Florida and allows Sonoco to operate its business more efficiently and under one roof."

Brennan has played a key role in Central Florida's ongoing industrial real estate boom. It has built some of the region's largest speculative warehouses and sold them for top-of-market pricing.