Fort Lauderdale-based BBX Logistics Properties and Jacksonville-based FRP Development have formed a partnership to build a new 213,500 square-foot industrial park off Interstate 4 in Lakeland.

The industrial park will be located on 22.5 acres of land at 8255 State Road 33 N., north of the interstate and close to an Amazon facility. The land was purchased for $2.8 million last month to an LLC that shares an address with BBX. Previously, it was purchased in 2008 for $1.35 million. The deed shows that the sale included 5 parcels, as well as a portion of a sixth. Business Observer Florida is reporting that the parcel with the address of 8255 N State Road 33 will contain the industrial park.  A copy of the deed can be downloaded here.

A news release for the park did not provide many details but described the project as a “state-of-the-art logistic” facility. A spokesperson has said the estimated development cost for the project is around $25 million.

Despite the vast expansion of industrial areas along the I-4 corridor connecting Tampa and Orlando, a report from CBRE in October revealed that East Polk County saw the delivery of 897,000 square feet of industrial space in the third quarter. However, the construction pipeline remained largely stagnant, with only one 80,000 square foot rear load building breaking ground. CBRE is set to handle leasing for the project once it is completed.

BBX Logistics is a division of BBX Capital Real Estate and was founded in 2021. The company has described itself as specializing in “high-barrier, infill locations with direct proximity to ample labor pools, highways, port and airport infrastructure, and densely populated areas.”

FRP Development has offices in Jacksonville, FL and just outside of Baltimore, Maryland. FRP’s website says the company specializes in “investment, development, management and disposition of mining, industrial, office, flex, mixed-use and residential real-estate along the Eastern Seaboard of the United States.”

Source: Business Observer