Strong demand shown for cold storage facilities due to food industry expansion
Tampa, FL – June 25, 2014 – CBRE Tampa’s Industrial Brokerage team arranged more than 1.93 million square feet of industrial sales and leases during the first two quarters of 2014. The value of the combined transactions exceeds $47 million. CBRE’s Brian Rettig, SIOR and Gary Bauler, LEED AP brokered the transactions.
“Strong job growth, a rebounding housing market and faster-than-average population growth are drawing both investor-buyers and end users of industrial space to the Tampa Bay Region, which has a strong logistics infrastructure,” said Mr. Rettig.
Added Mr. Bauler, “The health of the industrial market is evident in the leases, building sales, land sales, and built-to-suits for lease and sale for a variety of enterprises ranging from food distributors to medical marijuana entities.”
Two of the largest Tampa-area deals that closed in the past two quarters were for cold storage warehouse facilities, which are in demand as the food industry expands with the economic recovery and Florida’s growing consumer base.
Industrial transactions arranged by the CBRE team in the first two quarters of 2014 included:
Grocery Distribution Center – CBRE represented Delhaize America/ Sweetbay in the sale of 836,771 square feet at 1802 Jim Johnson Road in Plant City, FL, for $25 million.
Cold Storage Complex – CBRE represented Atlantic Blue Group, Inc./Phoenix Industries, LLC in the sale of 330,000 square feet at 621 Snively Ave. in Winter Haven, FL, to Colorado Boxed Beef Corp. The sale of this rail-served complex also involved the acquisition of Phoenix’s refrigerated truck fleet and employees.
Class A Crossdock Warehouse – CBRE represented HD Supply Facilities Maintenance in the lease of 229,308 square feet facility developed and owned by IDI Gazeley at 4406 Madison Industrial Lane in Tampa. The lease was the team’s fourth transaction with HDSFM in the Tampa Bay region, and is the largest industrial lease signed in Tampa so far in 2014.
Former Marine Manufacturing Complex – CBRE represented the seller in the sale of 209,280 square feet at 7150 15th Street in Sarasota, FL, to a Sarasota investment group (dba Cannibus RX) for $1.26 million. The buyer has plans to renovate the former boat manufacturing facility, and has announced that they will target medical marijuana companies.
Former Box Manufacturing Plant – CBRE represented Loebox Company in the sale of 145,647 square feet on 20 acres of land at 8700 Adamo Drive in Tampa to Family Ford, Inc. for $4.31 million. The high-traffic site is located near the intersection of US 301 and State Road 60, which has come to be known as “Auto Row.”
Fowler Distribution Center – CBRE represented Central Garden & Pet Company in renewing a lease of 128,886 square feet at the company’s main Florida distribution facility at 11316 N. 46th Street in Tampa. The building is located near the University of South Florida and has easy access to Interstate 75 and Interstate 4.
Port Related Facility – CBRE represented Bayview Loan Servicing in the sale of a 44,812- square-foot building at 5208 St. Paul Street in Tampa to Anchor Sandblasting & Painting for $800,000. Anchor does repair work on ships at the Port Tampa Bay, and was able to close on the sale only 10 days after first looking at the property.
Redevelopment Site – CBRE represented Wells Fargo Bank in the 1031 exchange sale of on 8.38 acres at 16485 US Highway 19 in North Largo, FL, to Wilder Corp. for $2.5 million. The high-traffic location has direct US 19 signage and exposure, and is located just north of East Bay Drive.
Gary Bauler, LEED AP and Brian Rettig, SIOR have over 50 years of combined experience with industrial real estate in the Tampa Bay Region. The team has completed over 14 million square feet of transactions with a value in excess of $600 million. Brian and Gary have been recognized by the Tampa Bay Chapter of NAIOP multiple times as the Industrial Broker of the Year.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.