Lakeland Facility Sells for $10.4 Mil. [Central Florida]
A Houston-based real estate investment trust has acquired a piece of Lakeland Interstate Business Park for $10.4 million.
Weingarten Realty Investors last week finalized its purchase of a 168,400-square-foot distribution facility at the business park, according to a press release. The building, at 2125 Interstate Drive, houses Acuity Brands, Carolina Logistics Services and Sunrise Medical.
The seller, Clearwater’s Meridian Development Group, purchased the facility in August 2005 from Indianapolis-based Duke Realty Corp. for $7.3 million, according to the Lakeland Economic Development Council (LEDC).
“Three million dollars in a year and a half? I’d say that’s a good indicator as far as how real estate values have increased in Lakeland,” said Claudia Tritton, the LEDC’s director of business development.