Stonemont Sells Tampa-Area Facility for $50M
A MetLife Investment Management client purchased the property.
Stonemont Financial Group has sold Lakeland Commerce Center’s Building 400, a 348,740-square-foot industrial facility in the Tampa, Fla., submarket of Lakeland. A client advised by MetLife Investment Management acquired the property for $50 million.
Senior Managing Directors John Huguenard and Luis Castillo, together with Managing Director Cody Brais with JLL brokered the deal.
In October, Stonemont leased the entire facility to LG Electronics USA. The tenant uses the building as its regional distribution center.
Completed last year at 5205 Drane Field Road, Building 400 is the largest of the four facilities at the 905,440-square foot Lakeland Commerce Center. The cross-dock building features 36-foot clear heights, four grade-level doors, 95 dock-high doors, 206 vehicle parking spots and 68 trailer parking spots.
Situated close to Interstate 4, State Road 570 and U.S. Route 92, the property provides easy access throughout the Tampa-St. Petersburg-Clearwater metro area. Lakeland Linder International Airport is 3 miles southeast, while Tampa International Airport is 40 miles away.
At the end of 2024, Tampa’s industrial investment volume amounted to some $1.1 billion, according to the latest CommercialEdge report. Assets in the metro traded at an average sale price of $124 per square foot, below the national average of $129 per square foot. Meanwhile, Tampa’s vacancy rate clocked in at 7.9 percent, below the national figure of 8 percent.
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