Newmark today announced the sale of two industrial warehouses in metro Tampa. The warehouses total 224,192 square feet and are located at 14480 62nd Street and 14550 62nd Street in Clearwater, Florida. The success of the transaction reflects the demand for warehouse space in Pinellas County and Tampa’s booming industrial market.
Pinch A Penny sold the two Class C industrial buildings after expanding into new facilities. Immediate access to US-19 and the area’s deep labor base were significant factors in the buyer’s decision to purchase the buildings, which will undergo substantial improvements restoring the assets to nearly new condition. Newmark’s Senior Managing Director Rick Narkiewicz represented the seller, Pinch A Penny.
“There is almost no vacant land remaining in Pinellas County, which has created significant barriers to entry,” Narkiewicz said. “Several buildings have been razed to make way for new warehouses in the area as developers try to find creative options for limited space in a high demand market. After considering those factors, the buyers made an informed decision to purchase two assets that will be strategically repositioned, allowing the new owners to accelerate their plans for the next phase of company growth.”
According to Newmark Research, Tampa’s industrial market has now seen demand outpace supply for more than five years, with approximately 660,000 square feet of positive net absorption occurring during the first half of 2019. Industrial construction activity in metro Tampa outpaced all other industrial markets in Florida for the second consecutive quarter, with 15 warehouse buildings totaling more than 4 million square feet expected to come online over the next year. Industrial sales in Tampa accounted for almost two-thirds of all transactions in Central Florida in the second quarter, and nearly doubled the total square footage sold in Orlando during the same timeframe. A full report on Central Florida’s Industrial Market is available here.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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