Cushman & Wakefield announced that the commercial real estate services firm has arranged the sale of Park West at Gateway, a three-building light industrial/flex property totaling 133,694 square feet (sf) in Pinellas Park, Florida. The final sale price was $24.5 million, equating to $183 psf.
Cushman & Wakefield’s Rick Brugge, Mike Davis, Rick Colon, and Dominic Montazemi, with support from Alex Sulte and Zach Eicholtz, represented the seller in the transaction. The property was sold by Z Asset Management Corp. and acquired by Adler Real Estate Partners.
“Park West at Gateway is a well-located light industrial property in the heart of Pinellas County, the most densely populated county in the state. The limited amount of existing light industrial product and exceptionally high barriers to entry should ensure its continued success,” said Brugge, Vice Chairman at Cushman & Wakefield.
At time of sale, Park West at Gateway was fully occupied by a diverse tenant mix. The property features a five per 1,000 sf parking ratio, tilt-wall construction, 17 grade-level and six dock-high loading doors that can cater to a variety of uses, and newly renovated roofing and tenant spaces.
Park West at Gateway is also located at 3845 Gateway Centre Blvd. and provides easy access to two international airports (St. Pete and Tampa) as well as U.S. Route 19 and Interstate 275. In addition, the property benefits from being in Tampa Bay’s strong performing industrial market, which has experienced high leasing activity and low vacancy rates.