Ascentris and Foundry Commercial Sell Florida Industrial Property, Lakeside Logistics
Denver, Colorado (June 29, 2021) – Ascentris, a Denver-based real estate private equity firm, and Foundry Commercial announced today the sale of Lakeside Logistics, a newly constructed, 505K sf, Class A bulk industrial property located in Plant City, FL along the I-4 Corridor, the primary interstate connecting Tampa and Orlando, FL.
Ascentris partnered with Foundry Commercial, an Orlando-based real estate investment and development company, to develop Lakeside Logistics. Ascentris and Foundry successfully completed construction of the property in mid-2020 and sold the property to an undisclosed buyer in shell condition.
The 505K sf cross-dock building features state-of-the-art construction including 36’ clear heights, ESFR fire protection, 185’ deep truck courts, 150 trailer parking spaces, and over 300 auto parking spaces. Located along the I-4 Corridor, Lakeside Logistics offers centralized access to the Tampa and Orlando markets in less than 60 minutes and has the ability to reach over nine million people, or over 40% of the population of Florida, within 100 miles of the property. Ascentris recognized the growth of e-commerce distribution and the continued population growth in the state of Florida, coupled with the lack of available distribution centers in the area, and partnered with Foundry to develop this state-of-the-art distribution facility on a speculative basis.
“Ascentris is very pleased with the outcome of this investment,” said Ascentris Partner and Managing Director Tricia Noble. “Lakeside Logistics is perfectly positioned to capture the strong e-commerce and other distribution tenant demand in the market. The investor interest in the property was very strong, as we are seeing in many of the top industrial markets across the country,” added Noble.
Mike Davis and Rick Brugge of Cushman & Wakefield marketed the property for sale on behalf of Ascentris and Foundry.
Ascentris is a real estate private equity firm based in Denver, Colorado. With over $2.2 billion in assets under management, Ascentris manages a series of fully discretionary institutional vehicles targeting both core and value-add investments across the major property types and geographic regions within the United States. Since 2003, Ascentris’ management team has relied on an investment philosophy and organizational structure that results in its investors getting to opportunities ahead of the market while receiving an unmatched level of service, transparency and accountability. Ascentris is a privately held and management-owned SEC registered investment adviser that maintains an unwavering commitment to put its investors’ needs first. Additional information is available at www.ascentris.com.
Foundry Commercial is a full-service real estate services and investment company with over 380 employees and more than 58 million square feet of management and leasing across the Sun Belt. Since 2007, Foundry has provided leasing, brokerage, building management, corporate services, and project management services, and is the largest real estate service provider to religious and not-for-profit organizations in the country. Foundry also includes a development and investment platform that is fully integrated into its services business, leveraging its local market expertise to control more than one billion in advantaged investment opportunities with their JV partners. For more information, visit www.foundrycommercial.com.