Will expand facility to 493,000 square feet under long-term lease commitment from Sonoco Products Company
PLANT CITY, Fla., Jan. 23, 2024 /PRNewswire/ — Brennan Investment Group (“Brennan”), a private real estate investment firm that acquires, develops, and operates industrial facilities throughout the United States, has acquired a 243,650 square foot facility with an additional 18 acres of contiguous land from Gordon Food Service (“GFS”) located at 1420 Gordon Food Service Dr. Plant City, Florida, in the center of the I-4 Corridor submarket.
The existing 243,650 square foot facility is presently leased to Sonoco Products Company (“Sonoco”). Sonoco is a global provider of consumer packaging, industrial products, protective packaging, and packaging supply chain services. Sonoco serves more than 85 nations with 330 global plants. With annual net sales of approximately $5.4 billion, Sonoco has over 23,000 employees in 300 operations in 36 countries, serving some of the world’s best-known brands. Sonoco ranked 556 in 2022 on the Fortune 500 list of companies.
As an integral part of this initiative, Brennan will 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 demonstrates Brennan’s expertise in navigating complex real estate transactions and serving the full range of needs for our corporate customers,” said Scott McKibben, Chief Investment Officer and Managing Principal.
The project’s location in Plant City, Florida, two miles south of Interstate 4, positions it as a key asset within central Florida’s I-4 Corridor. Its proximity to cargo facilities at Tampa International Airport, Orlando International Airport, and Port Tampa Bay provides a competitive advantage, offering access to over 9.9 million people within a 100-mile radius.
“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.”
About Brennan Investment Group
Brennan Investment Group, a Chicago-based private real estate investment firm, acquires, develops, and operates industrial properties in select major metropolitan markets throughout the United States. Since 2010, Brennan Investment Group has acquired over $6.5 billion in industrial real estate. The company’s current portfolio spans 27 states and encompasses 52 million square feet.
Brennan Investment Group co-invests with private and institutional capital to achieve outstanding risk-adjusted returns. The firm’s management team is among the most accomplished in its industry, having invested in over 5,000 properties covering more than 60 cities throughout the United States, Canada and Europe.
For more information on Brennan Investment Group, go to www.brennanllc.com
CONTACT: Ursula Walendzewicz, [email protected], 8476308722
SOURCE Brennan Investment Group, LLC
