BUYER: Tampa Electric Co., Tampa
SELLER: TRS Properties Inc.
PROPERTY: 1307 E. Second Ave., Tampa
PRICE: $6 million
PREVIOUS PRICE: $750,000, 1990
LAW FIRM ON DEED: Squire Patton Boggs (US) LLP, Tampa
Tampa Electric Co. purchased a 1.63-acre lumberyard east of Channelside Drive and north of Adamo Drive for $6 million.
The price equated to $118 per square foot or $3.68 million per acre. That figure is more than the two-year average price per square foot for industrial space ($104) in the Tampa Bay area, according to the CoStar Group.
The property, operated by S&S Craftsmen Inc., features three buildings with a total of 50,678 square feet of total space.
The property is directly across Channelside Drive from the 7.3-acre TECO Peoples Gas Channelside Operations Center. The Peoples Gas property was used in the early to mid-20th century as a manufactured gas plant, which caused some soil contamination.
“We are responsible for addressing it,” says Cherie Jacobs, spokeswoman for Tampa Electric and TECO Peoples Gas. “The site across the street was part of our long-term strategy to clean it up.”
The remediation plan for the Peoples Gas site is still being developed, and Jacobs was unsure exactly what part the lumberyard would play. S&S Craftsmen will continue to operate from the property for at least the next 18 months.