Investor buys distribution center for nearly $50 million

A New York-based real estate investment trust has acquired a Plant City distribution center built speculatively last year for $48.49 million, Hillsborough County property records show.

Lexington Realty Trust bought the 510,272-square-foot property from a partnership involving Wharton Industrial of New York, Red Rock Developments of South Carolina and Aspyre Properties, of Lakeland. Property records indicate that Washington, D.C.-based The Carlyle Group was also involved in the project.

Red Rock, Wharton and partners completed the County Line Distribution Center on 34 acres late last year.

The property is roughly three miles from Interstate 4 and within a few miles of the Lakeland Linder International Airport, from which Amazon is establishing a major distribution hub.

The 3657 Fancy Farms Road project, which features cross-dock loading, a 36-foot clear ceiling height, a 200-foot wide truck court, ESFR fire suppression, 60 speed bays and insulated dock doors, is currently vacant.

“Wharton Industrial recognized the incredible potential of this site two years ago, and our vision for it has been realized as this modern distribution facility is now located in the heart of a burgeoning hub for industrial and last-mile delivery,” says Peter C. Lewis, Wharton Industrial’s chairman, in the statement. “We are thrilled to cap our successful development process with a sale to a respected REIT that will not only generate significant returns for our investors, but help meet the growing demand for top-of-the-line warehouse space across the Southeast and the rest of the Eastern U.S.” 

The sale marks the second deal in recent months between the two parties. The Wharton/Red Rock team also built an Amazon-leased, 617,055-square-foot project in Ocala that was also sold to Lexington Realty earlier this year, according to the REIT’s website.

Lexington Realty, meanwhile, is no stranger to Central Florida. The company also owns a 222,134-square-foot property in Lakeland occupied by Motion Industries, which was completed last year, as well as properties in Tampa and Orlando, according to its website. In all, the company at the end of March controlled 132 properties totaling 56 million square feet valued at $4.4 billion, according to its website.