Tampa Commercial Real Estate Wrap-Up – September 2020
- Oct 05, 2020
Toward the end of September, following an overall decline in new COVID-19 cases, Governor DeSantis moved Florida to its third and final stage of reopening. Businesses were permitted to operate at full capacity with safety protocols in place, and these new measures ensure bars and restaurants cannot be limited to less than 50 percent capacity by local regulations. Although the metro’s commercial real estate showed some signs of reduced activity, major developments moved forward while some investments closed. Here’s our September list of Tampa must-knows:
1. DEAL – Americold acquires St. Pete facility in $107.5 million buying round.
The company purchased Caspers Cold Storage’s 3.2 million-cubic-foot asset at 6815 Maple Lane for $25 million. The facility opened in 2017 with 12,400 pallet positions and blast freezing capabilities. The new owner plans to invest $500,000 in initial capital expenditures at the property. The transaction closed simultaneously with the $82.5 million acquisition of two Texas facilities, adding a total of 17 million cubic feet to Americold’s U.S. portfolio.
2. DEVELOPMENT – Moss Construction to build $109 million jail expansion.
The company will serve as general contractor for the expansion of the Pasco County Detention Center in Land O’ Lakes, according to Tampa Bay Business Journal. Designed by HOK, the development will include additional housing beds and a new centralized intake and booking center. Renovations are also planned for the property’s medical center and support facilities. Moss is expected to break ground on the project in the fourth quarter of 2021, with completion in the second quarter of 2024.
3. DEAL – Crow Holdings trades self-storage portfolio.
Strategic Storage Growth Trust II purchased the two properties totaling 1,580 units across 150,000 square feet in St. Petersburg and Lutz. Completed in 2018 at 289 34th St. N., the 790-unit St. Petersburg property has a mix of climate-controlled units ranging from 25 to 260 square feet. The Lutz facility delivered earlier this year on 5 acres at 16900 State Road 54. The 750-unit asset includes indoor, climate-controlled units with sizes from 25 to 300 square feet as well as 50,400 square feet for RV, boat and car parking.
4. DEVELOPMENT – TownePlace Suites to come to Clearwater.
Menna Development & Management Inc. plans to build TownePlace Suites by Marriott Tampa Clearwater, a 92-key extended-stay hotel adjacent to SureStay Plus Hotel by Best Western. Public records show the company intends to finance the development on U.S. Highway 19 with an $8.8 million construction loan from Synovus Bank. Upon completion, the property will be 5 miles from the city center.