Nearly $19.5M for 26 acres to build warehouse project

A pair of commercial real estate investment firms are developing a 331,000-square-foot industrial warehouse project in Tampa. 

Miami Beach-based Hazel Street Capital and Irvine, California-based CIP Real Estate are building the development at 3600 Causeway Blvd. 

CIP bought the 26-acre property for $19.45 million, according to Hillsborough County property records. 

JLL Capital Markets says in an email that it arranged for the construction financing for the project but declined to provide an amount. 

According to county records, CIP took out a $38.64 million mortgage on the same day it bought the property. Pinnacle Bank was the lender. 

Construction on the warehouse development began last month.

The project will include 110,000-square-foot and 142,000-square-foot rear-loaded warehouses and a 79,000-square-foot standalone warehouse. 

The warehouses are being designed for potential tenants looking for between 20,000 square feet and 142,000 square feet. 

JLL’s sales team included Cody Brais, Luis Castillo, Taylor Osborne and David Orta Jr. The financing team included Peter Thompson, Kyle White and Nick Englhard.