A joint venture of Altman Logistics Properties and FRP Development Corp. has obtained $16 million in construction financing for the development of a 202,000-square-foot industrial project in Lakeland, Fla.
JLL Capital Markets brokered the deal on behalf of the borrower, while Seacoast Bank providing the financing.
Dubbed Apex Logistics at Lakeland, this is the joint venture’s first Class A industrial project in Central Florida. The development will rise on a 22.5-acre lot and will replace an existing single-story office building.
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The developer will begin sitework this first quarter, while vertical construction will start in the fall. Completion is expected for 2026’s first quarter.
Situated along the Interstate 4 Corridor, Apex Logistics at Lakeland will be a last-mile distribution hub with easy access throughout Central Florida. Orlando, Fla. and Tampa Bay are within 50 miles, as are other major thoroughfares.
JLL Managing Director Melissa Rose, Senior Director Michael DiCosimo and Analyst Val McWilliams arranged the financing on behalf of the partnership.
Tampa development pace lags other Southern markets
As of January, Tampa had nearly 1.7 million square feet of industrial space under construction, a recent CommercialEdge report shows. The metro’s pipeline was the smallest across Southern markets, as it had only 0.6 percent of existing stock underway—well below the 1.7 percent national figure.
Late last year, Rockpoint partnered with Greystar to develop Gateway Logistics Center’s second phase in St. Petersburg, Fla. The project is the partnership’s first and will include three buildings totaling 331,803 square feet, making it the largest industrial project in Pinellas County, Fla., in more than two decades.