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Brennan Investment Group purchases 308,908-square-foot industrial property in Plant City

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TAMPA, Fla. - Rezul -- Brennan Investment Group has purchased a 308,908-square-foot manufacturing and food processing facility for redevelopment in Plant City. The property, located at 1002-1310 W. Dr. Martin Luther King Jr. Boulevard, was previously home to Paradise Inc. and Paradise Fruit. The companies had a large influence on the Plant City business community for over fifty years and are a widely recognized candied fruit brand in the food industry. Brennan plans a number of improvements to redevelop and reposition the property for sale or lease.

Edward L. Miller, CCIM, SIOR of Colliers International represented the seller, Paradise, Inc. Miller, along with Michelle Senner at Colliers International, have been hired by Brennan Investment Group to market the new development, named Paradise Commerce Park in recognition of the role played by Paradise Inc. in the local community.

"The redevelopment and repositioning of vintage industrial properties is a growing trend as developers begin to rethink the use of well-located industrial properties," said Miller, Executive Managing Director at Colliers International. "Brennan Investment Group has extensive experience with infill development and has the internal expertise and access to capital to redevelop the property to bring new life to the key Plant City commercial corridor."

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The property, which is located on 13.65 acres, sits at the corner of S. Alexander Street and W. Martin Luther King Jr. Boulevard roughly 1.5 miles south of Interstate 4 near downtown Plant City. Miller notes that the size of the property, as well as its proximity to the I-4 Corridor and County Line Road, will likely attract a number of interested tenants.

Brennan Investment Group has already received a number of leasing inquiries about the space from users in the retail, manufacturing, warehouse and agricultural industries.

"What's great about this space is it has so many opportunities for use, and the market will drive what we see here next," said Bobby Krueger, Analyst for Brennan Investment Group. "Our team remains flexible and is ready to respond and create a great project in this area."

In the meantime, Brennan will complete exterior renovations, removal of existing equipment and related interior repairs and will add landscaping to the location.

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Paradise Inc. concluded operations at the location in late 2019 and early 2020 after selling its fruit and plastics operations. Hyde Park Capital brokered the sale of the businesses.

"The real estate aspect was the final piece of Paradise Brands moving into this new chapter," said John McDonald, Senior Managing Director, Hyde Park Capital. "That's where Colliers came in to market the property and find the best buyer for the property, in the same way we did for the business."

Paradise Fruit Company has since relocated to Hart, Michigan as part of Seneca Foods.

Paradise Plastics was sold to Portage Plastics of Portage, Wis.



Source: B2 Communications
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Filed Under: Real Estate

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