Blackstone sells Polk County industrial park for $104 million
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Jul 18, 2024

A three-building industrial park in Polk County has sold for a combined $104 million.

A subsidiary of Blackstone of Real Estate Income Trust sold Four Corners Business Park in Davenport to California-based LBA Realty, according to Polk County property records. No brokers were involved in the sale, which industry observers said included more than a dozen buildings in multiple markets.

Four Corners Business Park's three buildings total just under 800,000 square feet, property records show.

Nine-figure commercial real estate transactions are rare in the Tampa Bay region and have been scarce in the industrial market since 2022 when warehouse investment sales slowed. However, investor interest in industrial assets picked up in late 2023, and sales have started to rebound.

The Davenport area is particularly attractive to companies looking for distribution center locations in Florida, said Mike Davis, an executive vice chairman at Cushman & Wakefield Inc. in Tampa, who was not involved in the sale.

Four Corners Business Park is located directly between two major roads: Interstate 4 and U.S. Highway 27. Tenants in the park include Cargill and ReadyRefresh, a beverage delivery service.

“The I-4/U.S. 27 submarket continues to attract statewide and regional distribution-oriented users," Davis said in a statement. "The location in the center of Florida gives it a strategic advantage over both Orlando and Tampa and provides discounted rents relative to those markets."