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Demand for cold-storage space in Tampa, combined with buzz surrounding potential medical marijuana in Florida, has led to a hot industrial commercial real estate market.
Brian Rettig and Gary Bauler, with CBRE's Tampa Industrial Brokerage team, have capitalized on the oppurtunities. The brokers, according to a release, handled more than 1.93 million square feet of industrial sales and leases in the first two quarters of 2014. The total value of the transactions surpassed $47 million.
Says Bauler: “The health of the industrial market is evident in the leases, building sales, land sales, and built-to-suits for lease and sale for a variety of enterprises ranging from food distributors to medical marijuana entities.”
The cold storage demand, say the brokers, stems partially from faster-than-average population growth data and projections in the state and region. One of the storage deals was for an 836,771-square-foot former Sweetbay grocery distribution center in Plant City, a $25 million acquisition.
The brokers also represented the entity that sold a deserted Wellcraft boat manufacturing facility in Sarasota to Scottsdale, Ariz.-based Cannibus-RX for $1.26 million. The new owners, after a renovation of the three-building, 210,000-square foot complex, plan to target medical marijuana companies to lease space, the brokers say. That plan, of course, could end with a thud if the medical marijuana amendment in Florida fails later this year.
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