Philadelphia investor pays $38 million for Polk industrial space

Equus Capital Partners, a Pennsylvania real estate investment firm, has bought a Lakeland industrial center.

The firm paid $38 million for the two-building property at 900 N. Chestnut Road, about 4 miles from Lakeland Linder International Airport.

High Street Logistics Properties was the previous owner. It paid $25.92 million for the property in 2021, according to Polk County property records.

Equus says the purchase “was made on behalf of a programmatic joint venture between an affiliate of Equus and a U.S. based public pension plan.”

The 299,241-square-foot industrial property is fully leased to two tenants — Gruma, a subsidiary of food manufacturer Mission Foods, and Safelite, a subsidiary of vehicle glass repair company Belron.

The buildings were built in 2021 with a minimum clear height of 32 feet, Early Suppression Fast Response sprinkler systems, LED lighting and excess trailer parking with a total of 89 stalls, according to a statement.

Equus owns one other industrial property in Lakeland, a 121,600-square-foot facility on South Pipkin Road.

It also owns seven multifamily properties in the state, including one each in Naples, Plant City, Winter Haven and St. Petersburg.

The Philadelphia firm’s portfolio includes industrial, multifamily, and office properties throughout the U.S.

Frank Fallon and Jose Lobon of CBRE represented High Street in the deal. Vice president Tim Feron and analyst Tucker Scaringe oversaw the transaction for Equus.