Chicago-based Brennan Investment Group, a private real estate investment firm that acquires, develops and operates industrial facilities, has acquired a 243,650-square-foot facility with an additional 18 acres of contiguous land from Gordon Food Service (GFS) in Plant City, Florida, in the center of the I-4 Corridor submarket.
The financial terms of the deal were not announced. The facility is presently leased to Sonoco Products Company, a provider of consumer packaging, industrial products, protective packaging, and packaging supply chain services. Sonoco serves more than 85 nations with 330 global plants. Brennan plans to undertake construction of a 249,600-square-foot expansion on the adjoining 18-acre parcel of land, resulting in a combined square footage of 493,250. Upon completion of the expansion, Sonoco will enter into a new lease with Brennan Investment Group for the full expanded building.
“This acquisition and expansion project represents another strategic investment in the I-4 corridor. In the past five years, Brennan has invested over $200,000,000 in Florida that have included acquisitions, redevelopments, and development projects,” said Bobby Krueger, senior associate for Brennan’s Florida operations. “With Florida’s strong business and demographic profile, we expect the growth potential of the I-4 corridor to remain robust.”