Local investment group purchases large industrial warehouse, sign of a resurging industrial market in Pinellas
CLEARWATER, Fla. (July 11, 2013) – Colliers International Tampa Bay has closed the purchase of a 107,500-square-foot industrial building in Clearwater, a sign of the vibrant market for industrial space in Pinellas County.
Bruce Vaughan, Colliers International Tampa Bay’s Managing Director of Industrial Services, represented the buyer, a local investment group. Jeff Bardin of Cassidy Turley represented the seller, Medline Industries, Inc.
Taking advantage of opportunities in the market, the local investment group bought the property as an investment, paying $3,193,986, a price well below replacement cost. While the single-user facility lends itself to distribution, it could also be used for light manufacturing and has possibilities both for division into a multi-tenant property, as well as expansion capabilities.
This industrial warehouse sits on 8.84 acres and is one of the few existing large industrial buildings in Pinellas County that is fully air conditioned with exposure on a major roadway and a 24-foot clear height.
“It’s a good time to own or invest in properties such as these as it appears that discounted pricing in the local industrial market may have bottomed,” said Vaughan. “Activity levels continue to increase, with a number of larger users and leasing prospects vying for the few 100,000+ SF facilities available within Pinellas County.”
The warehouse is located at 4750 118th Ave. in Clearwater.
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