ORLANDO—A 1.7 million square-foot industrial portfolio in St. Petersburg, FL just traded hands. The sale price: $103 million.
Cushman & Wakefield executive director Mike Davis, senior director Rick Brugge, and senior director Michael Lerner represented Miami-based owner Fleeman Family Trust in the sale of Gateway Business Center, Gateway Business Park, Metropointe Commerce Park, Westbay Corporate Center, and Joe’s Creek Industrial Park. Evergreen Industrial Properties acquired the five business parks, housing 1,660,186 square feet of industrial space in 34 buildings.
“This was a unique opportunity to acquire a value-added industrial portfolio with significant critical mass in one market,” Davis tells GlobeSt.com. “These assets are situated in irreplaceable infill locations in the most densely populated county in Florida. This extraordinarily land-constrained market is prohibitive to new development, creating conditions for strong rental growth for existing properties.”
At the time of sale, the portfolio was 84% leased. Lockheed Martin, Jabil, L–3 Communications, FedEx, MTS Systems, Worldpac, Digital Lightwave, and Jagged Peak are among the notable tenants.
With the purchase, Evergreen immediately becomes one of the top five owners of industrial real estate in Tampa Bay and the largest owner of industrial real estate in Pinellas County. The portfolio comprises the majority of the class A industrial space in Pinellas County
The portfolio is located within the Gateway and South Pinellas industrial submarkets. According to CushWake Research, this transaction nearly tripled all Pinellas County industrial sales activity from 2014. It is also the largest industrial transaction in terms of both volume and price in the Pinellas, Tampa, and Lakeland industrial markets dating back at least six quarters.