Polk County LG Electronics building sells for $50 million

Stonemont Financial Group, an Atlanta-based private real estate investment firm, has sold a industrial property in Polk County leased by LG Electronics USA.

A company spokesperson says the buyer, which is identified as “a client advised by MetLife Investment Management,” paid $50 million. Polk County records have not been updated to reflect the sale. 

The property is Building 400 in the Stonemont-built Lakeland Commerce Center off Interstate. It is a 348,740-square-foot cross-dock facility with a 36-foot clear height, 95 dock-high doors and 206 car parking spaces.

Stonemont announced in October that South Korean appliance and consumer electronics manufacturer LG Electronics USA had leased the space to use as a regional distribution center.

Construction on the four-building industrial park was finished last year. The three other buildings — 148,100 square feet, 150,600 square feet and 258,000 square feet — still have space that, says Stonemont, can accommodate tenants looking for between 25,000 square feet and 182,000 square feet.

Atlanta-based Stonemont specializes in industrial development net lease, and health care real estate assets.