Parkway plans massive expansion of Lakeland Central Park as global furniture manufacturer acquires 705K square-foot building

ORLANDO, FL

Expansion Plans at Lakeland Central Park

The sale of LCP 200 paves the way for Parkway’s immediate expansion of Lakeland Central Park. Key elements of the next phase include:

• Winston Park Boulevard Extension: This new connection to a signalized intersection at Airport Road will provide direct access to Interstate 4 via the Polk Parkway.
• ‍New Speculative Facility: Construction of LCP 300, a new 260,000-square-foot cross-dock industrial building.
• Additional Pad-Ready Sites: With the completion of Phase 2, every site within the park will be pad-ready, accelerating delivery timelines. Available sites range 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.”

Since breaking ground in 2021, Parkway has successfully completed the first phase of Lakeland Central Park’s development, including the delivery of multiple pad-ready sites, along with the construction of LCP 200, a 705,000-square-foot cross-dock facility. Upon full completion, Lakeland Central Park will feature up to five million square feet of industrial space, strategically designed to meet both regional and national distribution demands.

“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,” said Phil Marchese, Sr. Managing Director at Parkway. “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.”

LCP 300 will be developed in conjunction with the remaining park infrastructure and pad-ready sites, offering many options for users with quick delivery requirements.

Lakeland's Rapid Growth

According to the US Census Bureau, the Lakeland-Winter Haven metropolitan area is among the fastest-growing regions in the United States. Over the past five years, its population has surged by an impressive 16.8%, earning it the third spot among all U.S. metropolitan areas. This rapid growth has fostered a dense and highly skilled workforce, a critical asset for industrial tenants.

Over the past five years, the Lakeland industrial market has recorded significant momentum, with 11.3 million square feet of new deals executed. In just the past year, major occupiers such as Walmart, LG, and Safelite have committed to substantial leases within the submarket, further underscoring its growing appeal. This strong tenant demand has placed upward pressure on asking rents, which closed Q1 2025 at $7.63 per square foot NNN, reflecting a 7.0% year-over-year increase, according to Cushman & Wakefield. Additionally, the sale of LCP 200, formerly the second-largest available block of space in the market, is expected to drive a notable decline in vacancy, tightening conditions even further.


About Lakeland Central Park

Lakeland Central Park, a 740-acre industrial park strategically located in Central Florida, is positioned along the I-4 corridor, between Tampa and Orlando. The park offers up to five million square feet of developable industrial space, catering to manufacturing, logistics, and distribution companies targeting the Southeast and beyond. The park combines customizable buildings, immediate access to key Florida consumer markets, and a best-in-class infrastructure that supports business growth and operational efficiency.

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 Lakeland Central Park. Cushman & Wakefield represents Parkway in marketing the new speculative development and the pad-ready sites. For more information, visit lakelandcentralpark.com.


About Parkway

Parkway, headquartered in Orlando, Florida, is a privately held real estate investment firm specializing in high-growth markets across the Sunbelt. With decades of proven success, Parkway has acquired over $4 billion in diversified assets, delivering exceptional results through its full-service platform. For more information, visitwww.pky.com.


About Silverpeak

Silverpeak Real Estate Partners is a US-focused real estate investment firm specializing in the acquisition and management of real estate investments across various funds, joint ventures, and separate accounts. Since inception in 2010, Silverpeak and its investment partners have acquired approximately 300 investments totaling more than $23 billion in gross asset value across property types and U.S. geographies. Investments include direct property, platforms and real estate companies, as well as development opportunities alongside experienced partners.

Further information is available at www.silverpeak.com.


About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2024, the firm reported revenue of $9.4 billion across its core service lines of Services, Leasing, Capital markets, and Valuation and other. Built around the belief that Better never settles, the firm receives numerous industry and business accolades for its award-winning culture. For additional information, visit www.cushmanwakefield.com.