LG Electronics to occupy 348,740 square feet at Lakeland Commerce Center, a four-building industrial park in Central Florida’s I-4 corridor
Stonemont Financial Group, a private real estate investment firm specializing in industrial real estate investments, has announced a full-building lease at Lakeland Commerce Center, a four-building industrial complex in Lakeland, Florida. The deal has been signed with LG Electronics USA and brings the project, which was completed in Q1 2024, to 51% leased.
Global innovator LG has signed a 348,740-square-foot lease to occupy Building 400 at Lakeland Commerce Center for the regional distribution center for LG’s award-winning home appliances and consumer electronics products. Additional lease signings at the property include a 36,420-square-foot lease with Lifting Gear Hire at Building 200 and a 75,740-square-foot lease at Building 100.
Lakeland Commerce Center includes four rear-load facilities, with Building 100 spanning 258,000 square feet, Building 200 spanning 150,600 square feet and Building 300 spanning 148,100 square feet. Building 400 is a cross-dock facility with a 36-foot clear height, 95 dock-high doors and 206 car parking spaces. The complex is situated on the I-4 corridor just over 30 miles outside of Tampa.
“Lakeland is a top market for industrial activity in Florida due to its central location, equidistant to Tampa and Orlando and proximity to other major population centers such as Jacksonville,” said Avery Dorr, vice president at Stonemont. “As leasing momentum surges in the area, we are pleased to welcome the LG Electronics distribution center to Lakeland Commerce Center as its team expands its footprint and consumer reach in the region. Stonemont’s portfolio of Class A industrial assets in Florida continues to provide long-term value for tenants, and this signing is evidence of our ability to deliver premier industrial product that suits a variety of potential users’ needs.”
According to CoStar, Q2 2024 was one of the Lakeland market’s strongest performing quarters in the past decade. With nearly 3 million square feet of space leased in the first half of this year, the recent leasing volume is set to lower the market’s vacancy rate, which sits at 9% due to a slew of new deliveries.
Stonemont remains bullish on Florida as one of the top industrial markets in the country and has recently opened a regional office in Tampa as it continues to expand its footprint in the region. Throughout the state, the firm currently has over 1.5 million square feet of recently completed developments in Groveland, a 457,000-square-foot facility in Ocala and a 259,255-square-foot warehouse in Ocoee.
For more information on Stonemont and its initiatives, click here.
About Stonemont Financial Group
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. to deliver attractive risk-adjusted returns. 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.
