Pinch A Penny Sells Two Tampa Area Industrial Buildings
The firm sold the two properties after expanding into new facilities, according to Newmark Knight Frank, which represented the seller in the transaction.
CLEARWATER, FL—Franchised retail pool supply and service company Pinch A Penny has sold two industrial buildings totaling nearly 250,000 square feet here.
The firm sold the two properties after expanding into new facilities, according to Newmark Knight Frank, which represented the seller in the transaction. Blue Steel Development acquired the two industrial buildings, according to a report in the Tampa Bay Business Journal.
The Class C warehouses total 224,192 square feet and are located at 14480 62nd St. and 14550 62nd St. The success of the transaction reflects the demand for warehouse space in Pinellas County and Tampa’s booming industrial market, according to NKF’s senior managing director Rick Narkiewicz represented Pinch A Penny in the transaction.
Immediate access to US-19 and the area’s deep labor base were significant factors in the buyer’s decision to purchase the buildings, which will undergo substantial improvements, according to NKF.
“There is almost no vacant land remaining in Pinellas County, which has created significant barriers to entry,” Narkiewicz says. “Several buildings have been razed to make way for new warehouses in the area as developers try to find creative options for limited space in a high demand market. After considering those factors, the buyers made an informed decision to purchase two assets that will be strategically repositioned, allowing the new owners to accelerate their plans for the next phase of company growth.”
Tampa’s industrial market has now seen demand outpace supply for more than five years, with approximately 660,000 square feet of positive net absorption occurring during the first half of 2019, according to Newmark Research.
Industrial construction activity in metro Tampa outpaced all other industrial markets in Florida for the second consecutive quarter, with 15 warehouse buildings totaling more than 4 million square feet expected to come online over the next year, the brokerage firm notes. Industrial sales in Tampa accounted for almost two-thirds of all transactions in Central Florida in the second quarter, and nearly doubled the total square footage sold in Orlando during the same timeframe.