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Brennan Investment Group Acquires 243,650 SF Industrial Property In Plant City For $21.75M

Property Image
SOLD
$21,750,000

Florida

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Industrial243,650 SF
Sold 12/19/2023
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SOLD

Brennan Investment Group Acquires 243,650 SF Industrial Property In Plant City For $21.75M

1420 Gordon Food Services Drive

See Similar Deals
Industrial243,650 SF
Sold 12/19/2023
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Industrial
Price Per Square Foot:$89
Total Square Footage:243,650 SF
Transaction Type:Sale

An 18-acre industrial property located at 1420 Gordon Food Services Drive in Plant City has been sold for $21.75 million. The property includes a 243,650-square-foot warehouse and is situated in a prime location in the Plant City market.

Summary of transaction details:

  • Property Type: Industrial
  • Transaction Amount: $21,750,000
  • Address: 1420 Gordon Food Services Drive
  • Market: Plant City
  • Square Feet: 243,650

The buyer of this property is Brennan Investment Group, represented by Michael Brennan. On the other hand, the seller is Gordon Food Service, represented by Rich Wolowski. The lender involved in the transaction is Wintrust Bank.

Brennan Investment Group plans to expand the existing warehouse by adding a 249,600-square-foot facility, effectively doubling the current space. Once completed, the entire 493,250 square feet will be leased by Sonoco Products Co. Furthermore, Sonoco Products Co. has secured a $33 million loan from WinTrust Bank to support this endeavor.

Players

MB
Brennan Investment Group
Michael Brennan
14 deals$744.1M volume
BUYER
Wintrust Bank
Wintrust Bank
LENDER

Details

SOLD
IMAGE: Rich Wolowski & Michael Brennan DATE: 12/19/2023 ADDRESS: 1420 Gordon Food Services Drive MARKET: Plant City ASSET TYPE: Industrial ~ ACRES: 18 BUYER: Brennan Investment Group (@BrennanInvestmentGroup) - Michael Brennan SELLER: Gordon Food Service (@GordonFoodService) - Rich Wolowski (@Rich_Wolowski) LENDER: Wintrust Bank (@Wintrust) SALE PRICE: $21,750,000 SF: 243,650 ~ PPSF: $89 NOTE: Brennan Investment Group has acquired a 243,650-square-foot warehouse and 18 acres in Plant City for $21.75 million, with plans to double the space by adding a 249,600-square-foot warehouse. Sonoco Products Co. will lease the entire 493,250 square feet upon completion, supported by a $33 million loan from WinTrust Bank NA.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,159,999.99

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$77,273.16
Cash-on-Cash Return-1.27%
Monthly Debt Service$103,106.10
Annual Debt Service$1,237,273.16