Burton-Katzman to Develop Mixed-Use Project on 67 Acres in Lakeland, FloridaThursday, May 10, 2007
BY: CARL CRONAN
Real Estate Editor
Tampa Bay Business Journal
Burton-Katzman Development Co. plans to build several hundred thousand square feet of office, industrial and retail space on a 67-acre site near Lakeland Square Mall and fronting the north side of Interstate 4 in Lakeland, Florida. The company paid $13.3 million for the site along Mall Hill Drive between Kathleen and Griffin Roads.
Burton-Katzman representatives are expected to make a formal presentation to the Lakeland Economic Development Council during its annual meeting May 9 at Florida Southern College, confirmed Steve Scruggs, the council’s executive director.
Eshenbaugh Land Co in Tampa represented the owner, Interstate Holdings, while Cushman & Wakefield of Florida Inc. represented Burton-Katzman in the transaction, which closed April 12.
The sale of the property comes as no surprise in Florida’s hot commercial property market that has numerous out-of-state investors seeking opportunities along I-4 and other heavily traveled routes.
“Lenders are directing them to take a look at Florida, starting with the Tampa Bay market,” said Bill Eshenbaush, founder and president of Eshenbaugh Land Co. Besides transportation, the state’s favorable climate and strong economy are other attractions for investors, Eshenbaugh said.
Burton-Katzman announced plans last April to expand its operations and investments in Florida, and its initial focus along the Gulf of Mexico coast between the Tampa Bay area and Fort Myers.
“We were asked to find land opportunities for one of our national customers, so we plan to use this assignment as a launch for additional geographic expansion of our company,” Robert Katzman, co-owner of the privately held company, stated in a media release at the time.
In November 2006, Burton-Katzman bought 12 acres at the southwest corner of University Drive and Honore Avenue, just west of Interstate 75, where it plans an 85,000 SF professional office complex. The developer reportedly paid $6.1 million for the property, or close to $12 a SF—roughly triple the price of its Lakeland site.
Burton-Katzman is a full spectrum real estate development and construction company based in Bingham Farms, MI. The company has one of the largest privately held real estate portfolios in Michigan with an emphasis in office, industrial, high tech, retail, residential and mixed use properties. In 2005 the company began to expand into the Florida market. “We’ve taken our time getting to know the market and met some of the top developers and real estate professionals in the area,” commented Peter Burton. “Our company has been around for nearly a century, so we have a long-term view of real estate investment and relationship building. We’re here to stay.” [MORE]