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Brookfield Properties Acquires Industrial Property In Lakeland For $27.3M

Property Image
SOLD
$27,300,000
Rick Brugge
+ 3

Florida

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Industrial211,113 SF
Sold 12/13/2021
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Property Image
SOLD

Brookfield Properties Acquires Industrial Property In Lakeland For $27.3M

2929 Old Tampa Highway, Lakeland, FL 33803, USA

See Similar Deals
Industrial211,113 SF
Sold 12/13/2021
Rick Brugge
+ 3
Contact now

Summary

FLORIDA
Asset Type:Industrial
Price Per Square Foot:$129
Total Square Footage:211,113 SF
Transaction Type:Sale

The industrial property located at 2929 Old Tampa Highway in Lakeland has been sold in a recent transaction. The property, spanning 211,113 square feet, was sold at a price of $27,300,000, resulting in a price per square foot of $129. The sale took place on 12/13/2021.

Summary of transaction details

  • Property Type: Industrial
  • Transaction Amount: $27,300,000
  • Address: 2929 Old Tampa Highway
  • Market: Lakeland

The buyer of the property was Brookfield Properties, while Morris Realty Co. acted as the seller. The sale was facilitated by the brokers Mike Davis, Rick Brugge, Rick Colon, Zachary Eicholtz, Chloe Strada, and Dominic Montazemi from Cushman & Wakefield.

Players

Dominic Montazemi
90 deals$4.2B volume
BROKER

Mike Davis
Cushman & Wakefield
65 deals$3.6B volume
BROKER

Rick Brugge
Cushman & Wakefield
65 deals$2.8B volume
BROKER

Rick Colon
Cushman & Wakefield
55 deals$2.7B volume
BROKER

Zachary Eicholtz
Cushman & Wakefield
17 deals$1.1B volume
BROKER


Brookfield Properties
BROKERAGE

Details

SOLD
IMAGE: Rick Brugge, Chloe Strada, Mike Davis, Rick Colon, Zachary Eicholtz & Dominic Montazemi DATE: 12/13/2021 ADDRESS: 2929 Old Tampa Highway MARKET: Lakeland ASSET TYPE: Industrial BUYER: Brookfield Properties SELLER: Morris Realty Co. BROKERS: Mike Davis, Rick Brugge, Rick Colon, Zachary Eicholtz, Chloe Strada & Dominic Montazemi - Cushman & Wakefield SALE PRICE: $27,300,000 SF: 211,113 ~ PPSF: $129

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

$1,456,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$96,991.13
Cash-on-Cash Return-1.27%
Monthly Debt Service$129,415.93
Annual Debt Service$1,552,991.13