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News & Notes

Developer gets $26 million in financing for Tampa cold storage project

Two hotels changing hands and an apartment complex selling top the week's commercial real estate news.


  • By Louis Llovio
  • | 5:00 a.m. May 8, 2023
  • | 2 Free Articles Remaining!
The developer behind the 108,554-square-foot Tampa Cold Logistics project has secured $26.6 million in financing.
The developer behind the 108,554-square-foot Tampa Cold Logistics project has secured $26.6 million in financing.
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  • Commercial Real Estate
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Naples/Fort Myers

Wheeling & dealing: The Fort Myers commercial real estate firm CRE Consultants, or possibly one of its executives, may be the buyer behind an 8.52-acre industrial site in the city. The property, at the corner of Old Metro Parkway and Hunter Street, sold for $1.59 million. The purchase was made by an LLC named 2865 Rockfill. According to Florida’s Division of Corporations database, the principal address for the LLC is the same address as CRE Consultants’ and the manager of 2865 is another LLC, 2600 Block. It too lists CRE’s address as its own. The second LLC lists Stan Stouder, CRE Consultants’ founding partner, as its manager. The firm did not respond to an email asking if the property was bought by Stouder or the company and what the plans for it were. An email announcing the sale said Stouder negotiated the purchase from the previous owner, Suncoast Contractor’s Supply. According to a description on the industry website CREXI, it is mostly cleared and could be used for self storage or a business with outside storage needs or with large equipment.

Hotel handoff 1: The La Quinta Inn and Suites by Wyndham on Fifth Avenue South in Naples has been sold for $13.6 million. The buyer was S4 Global Investment from Port Charlotte. The hotel is at 1555 Fifth Ave. S., about a mile from Tin City and the entrance to the city’s famed shopping district. S4, already highlighting the La Quinta on its website, owns nine hotel properties in the state, most of them between Venice and Naples. It also owns 11 Subway restaurants in Southwest Florida. According to S4’s website, the company’s portfolio is worth more than $100 million and it manages 10 brands.


Tampa/St. Petersburg

Industrial intrigue: A 32,390-square-foot warehouse in Pinellas County has been sold. The property, on 2.32-acres at 13200 S. Belcher Road in Largo, sold for $3.2 million. The deal was for all cash, according to a statement from the Ross Realty Group, which represented the seller, an LLC whose address matches Gross Electric in Queensbury, N.Y. Ross did not disclose the buyer and county property records have not been updated. According to a listing on Loopnet, the warehouse was built in 1985.

Baby it’s cold inside: The developer behind the 108,554-square-foot Tampa Cold Logistics project obtained $26.6 million in financing and formed a joint venture. The three-year floating-rate loan was arranged by JLL Capital Markets, which also arranged for $13 million in a joint equity partnership with BetallGreenOak. The bank providing the financing was not disclosed but said to be a local bank. The Sansone Group, the St. Louis developer behind the project, is building the cold storage facility on 7.27-acres at 3601 E. 3rd Ave., about two miles from downtown Tampa. When done, the cold storage facility will be able to keep temperatures from minus 10 degrees Fahrenheit to 34 degrees Fahrenheit and will include 17 dock doors with a freon split cooling system because of the multi-tenant configuration. BentallGreenOak is a real estate investment firm with offices in 14 countries. It has $83 billion in assets under management.

Infinity and beyond: The Grove at Temple Terrace has been sold to South Florida real estate investor Infinity BH. The 180-unit apartment complex brought $26.65 million, which works out to about $140,000 per unit. The property, near the University of South Florida, has undergone some significant renovations over the past several years, but the new owner, according to a statement, plans to renovate interior units to give them a luxury finish as well as install privacy fences in townhome units, add a package receiving center and enhance the landscaping. Units in the complex, at 8741 Grove Terrace, average 1,104 square feet. According to Apartments.com, rents on May 3 range between $1,385 and $1,760. But that may not last long. A statement issued by Cushman & Wakefield, which represented the seller, 29th Street Capital, says “the property continues to experience exceptional rent growth with lease trade outs averaging 17.74%.” BH, according to its LinkedIn profile, was founded in 2004 and is based in Surfside. The firm’s website is currently being upgraded according to an error message.


Sarasota/Manatee

Hotel handoff 2: The Best Western Siesta Key in Sarasota County has sold for $13.5 million, according to county property records. The hotel is at 6600 S. Tamiami Trail and was bought by Magna Hospitality Group, a privately held hotel real estate investment firm from Rhode Island. According to county property records, the hotel was built in 1986 and has 130 rooms. The previous owner paid $5.8 million in 2013. Magna was founded in 1998 and has owned and operated hotels across the U.S. and Canada. On its website, the company says it is approved to own and/or operate franchises for Hilton, Marriott, Hyatt and the InterContinental Hotel Group.

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author

Louis Llovio

Louis Llovio is the commercial real estate editor at the Business Observer. Before going to work at the Observer, the longtime business writer worked at the Richmond Times-Dispatch, Maryland Daily Record and for the Baltimore Sun Media Group. He lives in Tampa.

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