Birtcher Anderson & Davis and Belay Investment Group Acquire Heritage Business Center in Lakeland, FL

, /PRNewswire/ — Birtcher Anderson & Davis Associates, Inc. (“BA&D”) and Belay Investment Group (“Belay”) announced the acquisition of Heritage Business Center, a five-building multi-tenant industrial business park located at 2295 – 2345 Commerce Point Drive, Lakeland, FL. BA&D was able to step in to acquire this highly desirable 137,500 square-foot property through its partnership with Belay for an undisclosed figure.

Colliers Investment Advisors’ Ryan Vaught, Jimmy Ulrich, and Robyn Hurrell and their team represented the Seller, a private equity firm. Colliers’ Nathan Lynch and Michael Sogluizzo provided debt advisory services for the buyer.

“Lakeland, situated within the greater Central Florida region, continues to demonstrate its desirability for both institutional and private capital as demonstrated by this transaction. The micro-location of Heritage Business Center enables solving logistical challenges for both Lakeland-based occupiers along with larger tenants servicing customers along the I-4 corridor.” says Colliers’ Ryan Vaught.

“We are pleased to be increasing our footprint in the Central Florida light industrial space with Belay Investment Group, with whom we share a similar investment philosophy and approach to doing business,” said Bob Thiergartner, Principal of Birtcher Anderson & Davis. “With the growth of the I-4 corridor population and lack of new supply in the face of increasing construction costs, we’re anticipating solid rental growth and high occupancy during our investment period.”

“The Heritage Business Center acquisition represents a natural fit for Belay’s multi-tenant industrial investment program given the value created through our favorable entry basis and the asset’s strategic location in a prime, supply-constrained infill market and key logistics hub. We look forward to working alongside the Birtcher team in the execution of our Heritage business plan and additional investments going forward” said Eliza Bailey, Co-Founder, CEO & CIO of Belay Investment Group.

The property features five (5) one-story industrial buildings, completed in two phases (2005 and 2007), with concrete masonry walls and steel framed construction, with a brick façade. The property features varied bay sizes, ranging from 2,500 sf to 22,000 sf and grade-level and dock-high access. The property accommodates a wide range of configurations, among its 20 suites, giving tenants the opportunity for growth and expansion. The property also features approximately three (3) acres of vacant land that will be explored for future development opportunities.

Heritage Business Center is a highly desirable and exceptionally scarce opportunity for a newer, well-located project with rent upside. The project is currently 77 percent occupied by 15 tenants.

Media Contact: Daniel Karcher – 949-296-3560 – [email protected]

About Birtcher Anderson & Davis
Birtcher Anderson & Davis (“BA&D”) is a California based, privately-owned real estate investment, development, and property management firm located in San Juan Capistrano, CA with additional satellite locations in CA, NV, and AZ. BA&D is a vertically integrated real estate operating company focused on acquiring value-add, middle-market, multi-tenant warehouse and light industrial properties in high growth U.S. markets. For more information visit: www.birtcherandersondavis.com

About Belay Investment Group
Belay Investment Group, LLC is an institutional real estate investment management firm that is at the forefront of providing scalable access to small and middle market real estate. The Firm does this through programmatic partnerships with locally entrenched and specialized operators with exclusive deal flow and “on-the-ground” market insights throughout the US. Belay pursues investment opportunities across the risk spectrum, property types, and geographies, including both debt and equity, offering its clients unique access to these alpha generating real estate opportunities. Visit www.belayinvestmentgroup.com for more information.

SOURCE Birtcher Anderson & Davis