Tampa Commercial Real Estate Wrap-Up – October 2020

Plant City warehouse sells in $272 million deal. Heritage Insurance leases 89,000 square feet in Westshore. Here’s our October selection of Tampa must-reads.
1401 N. Westshore Blvd. Image courtesy of Franklin Street

Tampa Bay’s commercial real estate sectors showed some significant activity in October, building on the Florida economy’s uptick during summer and early fall. As investors focused nationwide on industrial assets, one local property changed hands in one of the largest deals this year in the Southeast. Even the office sector saw some leasing deals despite a current trend toward subleasing, with 1.4 million square feet of space in Hillsborough and Pinellas counties available for sublease at the end of the third quarter, according to a JLL report. Catch up on our October selection of Tampa must-knows: 

1. DEAL – Plant City warehouse trades in $272 million portfolio deal.

The 1.1 million-square-foot County Line Logistics Center is one of six assets sold by McCraney Property Co. and Northwestern Mutual to Nuveen Global Investments, according to Tampa Bay Business Journal. The 3.5 million-square-foot portfolio consists of Florida, Georgia and North Carolina properties. Other Sunshine State assets included 810,648 square feet in Davenport and 45,340 square feet at the I-4 Commerce Center in Lake Mary.

2. LEASING – Heritage Insurance inks 89,000-square-foot Westshore lease.

The company will move its corporate offices to one of the five buildings of the 300,000-square-foot Westshore City Center under a full-building lease. Located at 1111, 1211, 1311, 1401 and 1411 N. Westshore Blvd., the 1975-completed office park underwent cosmetic renovation in 2000. The owner, Ally Capital Group, is currently implementing $10 million in building upgrades. The 10-acre property is 3 miles from Tampa International Airport and 5 miles west of the city center.

3. DEAL – The Arden Group, Avistone make $31.8 million industrial purchase.

With the assistance of JLL, MLG Capital sold the 15-building, 334,000-square-foot Breckenridge Park. A JLL Capital Markets team provided the buyer with a $26.3 million loan from BlackRock. The new owner will use part of the proceeds for capital improvements. Situated on 30 acres at 5402-5460 Breckenridge Parkway, the park comprises single-story buildings completed between 1982 and 1998.

4. DEVELOPMENT – Self storage facility debuts in Clearwater.

Cedarwood Cos. completed the 60,000-square-foot property at 1000 S. Myrtle Ave. and Westport Properties will oversee the facility’s operations through its US Storage Centers subsidiary. The developer broke ground on the project in 2019, financing construction with a $6.6 million loan from KeyBank. The three-story building houses 585 climate-controlled and non-climate-controlled units with sizes between 25 square feet and 300 square feet.

5. OPERATIONS – Gulf Coast brokerage launches.

Brad Berzins and Andy Georgelakos teamed up to form NAI Thor Commercial Group. The full-service firm will cover investment sales, appraisal services, tenant and landlord representation for industrial, flex, office, retail and health and wellness sectors in Tampa, Sarasota, Fort Myers and Naples. Both professionals possess more than 20 years of industry experience and previously occupied executive roles within NAI KLNB.