Parkway Sells 705,000-SF LCP 200 Industrial Building in Lakeland, Florida; Cushman & Wakefield Brokers Deal to Unidentified Buyer

Parkway has sold LCP 200, a 705,000-square-foot cross-dock industrial building at Lakeland Central Park in Lakeland, Florida, to an unidentified global furniture manufacturer and retailer. Cushman & Wakefield represented Parkway in the transaction, which the Orlando-based firm announced July 25, 2026. Financial terms were not disclosed.

The sale marks the first major user to join Lakeland Central Park, a 740-acre master-planned industrial park positioned along the Polk Parkway on the I-4 corridor between Tampa and Orlando. Parkway broke ground on the park in 2021 and has since completed the first phase of development, including the delivery of multiple pad-ready sites and the construction of LCP 200.

Cushman & Wakefield Represents Parkway in LCP 200 Disposition

Cushman & Wakefield's Jared Bonshire, David Perez, Taylor Zambito, Ryan Hubbard, Lisa Ross, and Trey Carswell represented Parkway in the sale of LCP 200. The buyer, described only as a global furniture manufacturer and retailer, was not identified by name in Parkway's announcement.

LCP 200 had been the second-largest available block of industrial space in the Lakeland market prior to the sale. Its removal from available inventory is expected to reduce vacancy and tighten market conditions in the submarket.

Parkway Moves Forward With Phase 2 Expansion at Lakeland Central Park

The sale of LCP 200 sets the stage for Parkway's next development phase at Lakeland Central Park. The firm says construction on phase 2 infrastructure and a new speculative building, LCP 300, is set to begin.

LCP 300 will be a 260,000-square-foot cross-dock industrial building. Phase 2 also includes the Winston Park Boulevard Extension, a new road connection to a signalized intersection at Airport Road that will provide direct access to Interstate 4 via the Polk Parkway. Upon completion of phase 2, every site within the park will be pad-ready, with available sites ranging in size to accommodate 162,000 to 1,650,000 square feet.

"We are excited to move forward with the next phase of development at Lakeland Central Park," said Jim Heistand, Executive Chairman of Parkway. "Construction on phase 2 infrastructure and LCP 300 is set to begin, marking significant progress for the project."

Philip Marchese, Sr. Managing Director at Parkway, added: "Lakeland Central Park is designed to meet the evolving needs of modern industrial users—with the right mix of quality, scale, and accessibility in a professional park setting. Welcoming our first user marks an exciting milestone and it's just the beginning. We're proud to announce the next phase of development, which will enhance access to the park and deliver a 260,000 SF move-in ready facility alongside pad-ready sites for a wide range of users."

At full build-out, Lakeland Central Park is planned to feature up to five million square feet of industrial space. Cushman & Wakefield represents Parkway in marketing the new speculative development and the park's pad-ready sites.

Lakeland Industrial Market Context

Lakeland Central Park is jointly owned by Parkway and a private investment vehicle managed by Silverpeak, which is capitalized by Silverpeak and an institutional investor with over $140 billion in real estate assets under management. Parkway serves as both the developer and manager of the park.

The Lakeland-Winter Haven metropolitan area has recorded 16.8% population growth over the past five years, placing it third among all U.S. metropolitan areas in that measure, according to the U.S. Census Bureau. The local industrial market has seen 11.3 million square feet of new deals executed over the same period. Major occupiers including Walmart, LG Group, and Safelite have committed to leases in the submarket in the past year.

Asking rents in the Lakeland industrial market closed the first quarter of 2025 at $7.63 per square foot NNN, reflecting a 7.0% year-over-year increase, per Cushman & Wakefield data.

Parkway, headquartered in Orlando, is a privately held real estate investment firm that has acquired over $4 billion in diversified assets across Sunbelt markets. Silverpeak Real Estate Partners and its investment partners have acquired approximately 300 investments totaling more than $23 billion in gross asset value since the firm's inception in 2010.

Sources

Parkway — Parkway Announces Sale of 705K SF Building & Plans for Lakeland Central Park Expansion (July 25, 2026)