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Five Pinellas industrial parks sell for $103 million

Five Pinellas County office parks with tenants including Jabil, FedEx, Digital Lightwave and Lockheed Martin have been sold for $103 million in one of Tampa Bay's largest recent industrial transactions.

Evergreen Industrial Properties bought Gateway Business Center, Gateway Business Park, Metropointe Commerce Park, Westbay Corporate Center and Joe's Creek Industrial Park in a deal that includes 34 buildings with 1.66 million square feet of industrial space.

"These assets are situated in irreplaceable in-fill locations in the most densely populated county in Florida," said Mike Davis, executive director of Cushman & Wakefield, which represented the Miami-based seller, Fleeman Family Trust.

"This extraordinarily land-constrained market is prohibitive to new development, creating conditions for strong rental growth for existing properties."

With the purchase, Evergreen — based in Oakland, Calif. — immediately becomes one of the top five owners of industrial real estate in Tampa Bay and the largest owner of industrial real estate in Pinellas County. Additionally, the five parks make up the majority of Class A industrial space in Pinellas.

According to Cushman & Wakefield Research, the transaction nearly tripled all Pinellas industrial sales activity from 2014. It also was the largest industrial transaction in terms of both volume and price in the Pinellas, Tampa and Lakeland industrial markets in at least six quarters.

Susan Taylor Martin can be contacted at smartin@tampabay.com or (727) 893-8642. Follow @susanskate.

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