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Business Observer Wednesday, Oct. 20, 2021 1 month ago

Warehouse for building supply distributor sold for nearly $10M

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Tampa warehouse off of U.S. 41 sold, buidling supply distributor BlueLinx staying
by: Louis Llovio Commercial Real Estate Editor

TAMPA — BlueLinx Holding's 166,535-square foot warehouse in Tampa has been sold to Pennsylvania based real estate investment firm EQT Exeter for $9.75 million.

The warehouse, just off of U.S. 41 at 815 S. 56th St. in Tampa, was previously owned by Federated Equities according to a statement from Cushman & Wakefield, which handled the sale.

Georgia-based BlueLinx, a building supply wholesale distributor, has a lease on the 20-acre property and is unlikey to leave anytime soon. The company sold the property for $5.1 million to Federated Equites in 2017, according to property records, in a move to reduce debt and then announced it had signed a 15-year lease with “multiple renewal options."

Before that, the property was owned by Georgia Pacific, which in 2004 sold its building products distribution business to BlueLinx. 

“The BlueLinx property is a rare in-fill industrial property with a significant amount of outside storage which is increasingly valuable in today’s market,” Rick Brugge of Cushman & Wakefield says in the statement.

Georgia-based BlueLinx has 60 distribution centers serving 40 states throughout the country, including five others in Florida. According to its investor relations page, the company distributes branded and private label building supplies to “over 15,000 national, regional, and local dealers, specialty distributors, national home centers, and manufactured housing customers.”

The company, in August, reported net sales in the 2nd quarter were up 87% to $1.3 billion.

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