TAMPA BAY (September 16, 2022) – Franklin Street has arranged the sale of Sunshine Industrial Park, an 83-acre industrial park in Clearwater, Florida, for $27.5 million. The property comprises seven fully leased warehouses totaling 219,000 square feet along with +/-30 acres of undeveloped land, providing highly sought-after outdoor storage space as well as future development potential.
Franklin Street’s Tampa-based Office and Industrial Services Team of Pat Kelly and Brad Hutton brokered the transaction on behalf of the buyer, New York-based Zenith Industrial Outdoor Storage (IOS), in an off-market deal. Zenith IOS, a vertically integrated investment, development and management company, is focused on acquiring outdoor storage assets across the United States as part of a joint-venture partnership with JP Morgan. The seller was HSS Partners.
“It’s no secret that Florida industrial real estate remains in high demand, but this transaction stands out,” said Kelly. “While many of the institutional players active in the market are drawn toward new development and Class A logistics centers, Zenith IOS saw the value-add potential in acquiring an existing property within a land-constrained market and maximizing a non-traditional income stream through the outdoor storage component.”
At 5150 – 5303 126th Avenue N., the industrial park is located near the St. Pete-Clearwater Airport with access to numerous major roadways, including U.S. 19 and I-275. All warehouses and outdoor storage sites are currently leased. 25 acres of industrial outdoor storage will be available for lease Q2 of 2023.
About Franklin Street:
Founded in 2006 during one of the toughest real estate climates, Franklin Street focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise and experience of each of its lines of business, Franklin Street has grown to include seven business divisions – Investment Sales, Tenant and Landlord Representation, Capital Advisory, Insurance, Property Management and Project Management. With $7 billion in transaction value across all major product types, Franklin Street offers unmatched value and optimal solutions for clients nationwide. Headquartered in Tampa, Fla., the company has offices in Fort Lauderdale, Jacksonville, Miami, Orlando, Atlanta and Chicago. Learn more about Franklin Street at FranklinSt.com.