Foot Locker's Strategic Investment in Central Florida's Heritage Business Center for Industrial Growth
- BA&D and Belay acquired the Heritage Business Center in Lakeland, enhancing their presence in Central Florida's industrial market.
- The center, with a 77% occupancy rate, offers diverse tenant spaces, catering to the growing demand for industrial real estate.
- The acquisition includes vacant land for future development, reflecting strategic investment in the thriving Central Florida area.

Strategic Expansion in Central Florida's Industrial Market
Birtcher Anderson & Davis Associates, Inc. (BA&D) and Belay Investment Group make a significant move in the industrial real estate sector by acquiring the Heritage Business Center in Lakeland, Florida. This multi-tenant business park spans 137,500 square feet across five buildings, positioning itself within a rapidly growing area known for its strategic location along the I-4 corridor. BA&D Principal Bob Thiergartner expresses optimism regarding the acquisition, highlighting the region's increasing population and the anticipated rise in construction costs, which are likely to boost rental prices and occupancy rates in the area.
The Heritage Business Center features 20 suites with diverse bay sizes ranging from 2,500 to 22,000 square feet, currently occupied by 15 tenants, reflecting a 77% occupancy rate. This configuration allows for a broad tenant base, making it an appealing investment amid a supply-constrained market. Eliza Bailey, Co-Founder, CEO & CIO of Belay, emphasizes the strategic importance of this acquisition, noting that the center aligns well with their investment strategy and presents ample opportunities for rental growth. The ongoing demand for industrial space in Central Florida underscores the attractiveness of the Heritage Business Center as a lucrative asset.
Additionally, the acquisition includes approximately three acres of vacant land, presenting further development potential. As the region continues to thrive, with businesses seeking space to accommodate their operations, the Heritage Business Center stands as a testament to the ongoing appeal of Lakeland within the Central Florida industrial landscape. The collaboration between BA&D and Belay signals a proactive approach to capitalizing on market trends and meeting the growing demand for industrial real estate.
In conclusion, the partnership between BA&D and Belay Investment Group marks a pivotal moment for the industrial sector in Central Florida. Their investment in the Heritage Business Center not only highlights the strategic value of the location but also reflects broader trends within the industrial market. With ongoing population growth and rising construction costs, the region remains an attractive destination for future industrial developments.
The acquisition process was facilitated by Colliers Investment Advisors, with key players including Ryan Vaught, Jimmy Ulrich, and Robyn Hurrell representing the seller, while Nathan Lynch and Michael Sogluizzo provided debt advisory services to the buyers. This collaboration underlines the importance of strategic partnerships in navigating the complexities of real estate transactions. The Heritage Business Center is poised to be a significant player in the evolving landscape of Central Florida's industrial real estate market.