Ridge Development Breaks Ground On 490,000 SF Speculative Industrial Project In Florida

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Jun 01, 2015, 07:00 ET

LAKELAND, Fla., June 1, 2015 /PRNewswire/ -- Ridge Development, the industrial development arm of Transwestern Development Co., today announces construction has commenced on a 245,000-square-foot Class A, distribution building − the first of two buildings in a new 46.5-acre business park called Lakeland Logistics Center. The speculative building is slated for delivery by year-end, and the second 245,000-square-foot building is currently available as a build-to-suit opportunity. Located at 2011 – 2211 W. Memorial Blvd. in Lakeland, Florida, the project is owned by a joint venture between Ridge Development and AEW Capital Management. AEW is developing the project on behalf of one of its separate account clients.

Ridge Development, the industrial development arm of Transwestern Development Co., has commenced construction on a 245,000-square-foot Class A, distribution building − the first of two buildings in a new 46.5-acre business park called Lakeland Logistics Center. The speculative building is slated for delivery by year-end, and the second 245,000-square-foot building is currently available as a build-to-suit opportunity. Located at 2011 - 2211 W. Memorial Blvd. in Lakeland, Florida, the project is owned by a joint venture between Ridge Development and AEW Capital Management.

"With a combination of Lakeland's historically low vacancy rate and high demand from users offering same-day delivery to customers, Ridge is confident the speculative development will lease up quickly," said Steve Kros, executive vice president at Ridge. "These buildings will be ideal for large-scale retailers or distributors looking to service a wide customer base within 24 hours."

Lakeland Logistics Center is situated within two miles of Interstate 4 near the intersection of U.S. Highway 92 West and Wabash Avenue. This central location between Tampa and Orlando gives tenants access to 8.8 million people within a 200-mile radius and allows for same-day delivery to any location in Florida. Each building is divisible to 44,000 square feet and features front-load or cross-dock capability, 74 dock doors, 32-foot clear height, 45 trailer parking spaces and a 6-acre staging base for trailer storage or parking.

Leasing services are being provided by Julia Silva Rettig, Jeff Lamm, Jared Bonshire and David Perez of Cushman & Wakefield.

ABOUT RIDGE DEVELOPMENT
Ridge Development is the industrial development arm of Transwestern Development Company, a diversified real estate developer with expertise in all commercial property types. Ridge Development is managed by the former principals of Ridge Property Trust. Ridge Development specializes in industrial development and investment in state-of-the-art warehouse, distribution and manufacturing facilities throughout the United States and Mexico. Based in Chicago, the venture serves North American clients from six U.S. offices and one office in Monterrey, Mexico. The Transwestern Development and Ridge Development teams have developed, constructed and managed more than 138 million square feet of industrial and distribution space.

ABOUT AEW CAPITAL MANAGEMENT
Founded in 1981, AEW Capital Management, L.P. (AEW) provides real estate investment management services to investors worldwide. One of the world's leading real estate investment advisors, AEW and its affiliates manage over $49 billion of property and securities in North America, Europe and Asia (as of December 31, 2014). Grounded in research and experienced in the complexities of the real estate and capital markets, AEW actively manages portfolios in both the public and private property markets and across the risk/return spectrum. AEW and its affiliates have offices in Boston, Los Angeles, London, Paris, Hong Kong and Singapore, as well as additional offices in eight European cities. For more information please visit www.aew.com.