Newly constructed industrial facility in Lakeland, FL sold for $50M

MIAMI, Mar. 24, 2025 – JLL Capital Markets announced today the $50 million sale of a 348,740-square-foot, Class A industrial facility located at 5205 Drane Field Rd. in Lakeland, Florida.

JLL represented the seller, Stonemont Financial Group, in the transaction. A client advised by MetLife Investment Management, LLC acquired the asset.

The newly constructed cross-dock distribution center is situated on 20.9 acres within Lakeland Commerce Center, one of Central Florida's premier logistics parks. The state-of-the-art facility features 36-foot clear heights, 95 dock-high doors, four drive-in doors, 185-foot truck court depths, 206 car parking spaces and 132 trailer parking spaces. The property is 100% leased to LG Electronics USA, a subsidiary of the global consumer electronics and appliance giant LG Corporation.

Strategically positioned between Tampa and Orlando along the I-4 corridor, the Lakeland location offers exceptional access to over 13.6 million consumers within a three-hour drive time. The growing Lakeland market boasts a population of over 120,000 residents and was recently named the 18th fastest-growing city in the U.S.

The JLL Capital Markets Investment Sales and Advisory team was led by Industrial Group Co-Lead and Senior Managing Director John Huguenard, Senior Managing Director Luis Castillo, Managing Director Cody Brais, Associate Taylor Osborne and Analyst David Orta.

"The Lakeland market's position along the I-4 corridor, coupled with its affordable cost of living and growing population, makes it an increasingly attractive destination for major corporations and distribution operations," said Huguenard. "As available land for new development becomes increasingly scarce, we anticipate sustained demand and strong market fundamentals in this region for the foreseeable future. Lakeland's growing population and business-friendly environment further solidify its position as a prime logistics hub in the Southeast."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Stonemont Financial Group specializes in investing across a broad spectrum of real estate asset classes and geographies, specializing in industrial, net lease and healthcare real estate. Stonemont offers diversified and differentiated real estate investment strategies and vehicles to institutions, family offices, trusts and high net-worth individuals. With a combined track record of over 60 years of experience and $20 billion invested, Stonemont’s founders and managing principals are committed to delivering attractive risk-adjusted returns.