Denver, Colorado (June 29, 2021)
Ascentris, a Denver-based real estate private equity firm, and Foundry Commercial announced the sale of Lakeside Logistics, a newly constructed 505,000 square foot Class A bulk industrial property located in Plant City, Florida along the I-4 Corridor, the primary interstate connecting Tampa and Orlando.
Ascentris partnered with Foundry Commercial, an Orlando-based real estate investment and development company, to develop Lakeside Logistics. Construction was completed in mid-2020, and the property was sold to an undisclosed buyer in shell condition.
The 505,000 square foot cross-dock facility features modern industrial construction including 36-foot clear heights, ESFR fire protection, 185-foot truck courts, 150 trailer parking spaces and more than 300 automobile parking spaces.
Located along the I-4 Corridor, Lakeside Logistics provides centralized access to the Tampa and Orlando markets in under 60 minutes and can reach more than nine million people, representing over 40% of Florida’s population, within a 100-mile radius.
Ascentris recognized the growth of e-commerce distribution and continued population growth in Florida, combined with limited available distribution space in the region, and partnered with Foundry to develop the speculative distribution facility.
“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. Investor interest in the property was very strong, as we are seeing across many of the top industrial markets nationwide.”
Mike Davis and Rick Brugge of Cushman & Wakefield marketed the property for sale on behalf of Ascentris and Foundry.
About Ascentris
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 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 allows investors to access opportunities ahead of the market while receiving a high level of service, transparency and accountability. Ascentris is a privately held and management-owned SEC registered investment adviser committed to putting its investors’ needs first.
Additional information is available at www.ascentris.com.
About Foundry
Foundry Commercial is a full-service real estate services and investment company with more than 380 employees and over 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 nonprofit organizations in the United States.
Foundry also operates a development and investment platform integrated with its services business, leveraging local market expertise to control more than $1 billion in investment opportunities with joint venture partners. For more information, visit www.foundrycommercial.com.
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