Birtcher Anderson & Davis Partner with Belay Investment Group to Acquire Prime Industrial Center in Florida

Major Acquisition in Lakeland, Florida

Birtcher Anderson & Davis Associates, Inc. (often referred to as BAD) and Belay Investment Group have successfully joined forces to acquire the Heritage Business Center, a prominent multi-tenant industrial business park located in Lakeland, Florida. This strategic move highlights the growing demand for industrial spaces in high-traffic logistics hubs like the Central Florida region.

Details of the Acquisition

The Heritage Business Center spans an impressive 137,500 square feet and consists of five distinct buildings. Situated at 2295 – 2345 Commerce Point Drive, this property was acquired in partnership with Belay for an undisclosed sum. Notably, the acquisition was facilitated by Colliers Investment Advisors, with key figures such as Ryan Vaught, Jimmy Ulrich, and Robyn Hurrell representing the seller, a private equity firm. Furthermore, Nathan Lynch and Michael Sogluizzo from Colliers provided essential debt advisory services for the purchasing entities.

According to Ryan Vaught, the deal reflects Lakeland's increasing appeal to both institutional and private investors. The location's micro-geographic advantages assist in alleviating logistical challenges for businesses operating along the vital I-4 corridor, further underscoring the region's industrial attractiveness.

Expansion Plans and Market Projections

Bob Thiergartner, Principal at Birtcher Anderson & Davis, expressed enthusiasm about expanding their footprint in Central Florida's light industrial market. He attributed this growth to the surging population in the I-4 corridor and the notable scarcity of new construction options amidst rising construction costs. This combination is expected to foster strong rental growth and maintain high occupancy rates throughout their investment horizon.

Eliza Bailey, Co-Founder, CEO, and CIO of Belay Investment Group, noted the strategic fit of this acquisition within their multi-tenant industrial investment strategy. The deal's favorable entry point and the property’s prime location underscore its potential for value creation in a supply-constrained market.

Property Features

The Heritage Business Center is structurally sophisticated, featuring five single-story industrial buildings constructed in two phases—2005 and 2007. The buildings are characterized by durable concrete masonry walls, steel frames, and a traditional brick façade. Bay sizes within the complex vary significantly, ranging from 2,500 square feet to 22,000 square feet, accommodating diverse tenant requirements. The property also offers a mixture of grade-level and dock-high access, supporting various operational needs.

Importantly, the center also includes approximately three acres of undeveloped land, presenting exciting possibilities for future development. Currently, the center maintains a 77 percent occupancy rate across 15 tenants, demonstrating its functionality and desirability in the market.

Conclusion

Overall, the acquisition of Heritage Business Center signifies a noteworthy advancement for both Birtcher Anderson & Davis and Belay Investment Group in the competitive industrial market of Central Florida. The synergy between these entities, backed by strategic insight and market-driven decisions, positions them well for future growth and success in this flourishing region. As these companies develop and execute their plans, industry observers anticipate robust performance in terms of both occupancy levels and rental income.