44 +/- Acres Sold to Rooms To Go for $3M by CBC Saunders Real Estate Will Bring Jobs to Florida's Polk County

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Clay Taylor, Realtor® and Sales Associate with Coldwell Banker Commercial Saunders Real Estate (CBCSRE), closed a $3M deal for 44+/- acres of prime industrial land in Lakeland, Polk County, Florida that become a strategic location for Lakeland’s sixth largest employer*, Rooms To Go (RTG).
The tracts were sold in August 2008 with plans to expand the RTG warehouse footprint by over 700,000 SF. The approximately $16 million expansion for one of the nation's leading furniture distributors will be the largest warehouse in Polk County.

The two parcels of land come with a rich history of farming, cattle, and direct family ownership for the Tanner family for over 67 years, with extended family ownership since around 1906. Jerry Tanner remarks, “To sell long-held family land can be emotional and complicated but Saunders Real Estate more than met our expectations and far exceeded them in many instances. We are very pleased.”

The new warehouse will help the Polk County economy by bringing in construction jobs and permanent employment for this new facility.

*http://www.lakelandedc.com/MajorEmployers/toptenservices.html

Long-term Opportunity is Still in Florida's Real Estate

What we see today in Florida real estate is a market correction. We have experienced over-exuberant expectations in returns that have been fueled by inexperienced investors in the housing segment. This has created challenges in capital markets. As lenders overreact, less money is available for deals and we see that fewer deals happen. During this time, property values may decline while cap rates increase

Because people like to live and play in Florida, the state remains a preferred destination long-term. Even though the Florida real estate market generally trends up, right now we are experiencing a trough in the cycle.