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Intercontinental buys Amazon warehouse for $106M

8100 State Road 33 (Credit: Cushman & Wakefield)

Peter Palandjian’s Intercontinental Realty Corp has acquired Dragstrip Logistics Center, a 710,962-SF building fully leased to Amazon from Ackerman & Co. for more than $106 million, according to the Tampa Bay Business Journal. The new distribution center in Lakeland, FL sits on the Interstate 4 Corridor, one of the fastest growing industrial hubs in Florida.

Dig Deeper: The 56-acre facility sits on a nearly 60-acre site, and is located halfway between Tampa and Orlando. Amazon has over 10 years remaining on its lease.

Industrial market in the area is hot: Just last year, a 617,000-SF Amazon distribution center in Ocala, Fla. sold to Lexington Realty Trust for $58.4 million.

Be Smart: A recent CBRE big-box report identified Central Florida as the second best-performing U.S. market in terms of growth for 2020, achieving an 8.0 percent growth rate, CPEX noted. Phoenix topped the list at 9.1 percent, with CBRE defining ‘growth’ as overall net absorption divided by existing inventory.

Brokers: Cushman & Wakefield’s Mike Davis, Rick Brugge, Stewart Calhoun, Rick Colon, Casey Masters, Dominic Montazemi and Zachary Eicholtz brokered the deal. [TBBJ+CPEX+Ackerman]

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