Pinellas Park industrial facility sold to New Jersey investors

A pair of New Jersey investors with a growing portfolio in the region have bought a 52,000-square-foot last-mile logistics facility in Pinellas County.

The purchase was made by the Stro Cos. and the Kushner Real Estate Group, whose local inventory now includes five properties.

The property, which is 2.2-acres, is at 11116 47th Street in Pinellas Park just off U.S. Highway 19 and near the Gateway Expressway.

A Stro spokesperson says the company paid $7 million in an off-market transaction. The previous owner was a Toronto investor that paid $6.97 million for it in 1991, according to Pinellas property records.

According to Stro, the multi-tenant facility features 22-foot clear heights, a combination of dock-high and oversized drive-in doors, heavy three-phase power and newly renovated office/showroom spaces.

It is currently occupied by two tenants, the spokesperson says,

Stro Cos. was founded in 1994 and its portfolio is made up of 4.6 million square feet of mostly industrial space in and around New Jersey and Florida.

Kushner's multifamily portfolio includes more than 9,000 apartments, with 7,000 more in the process of getting approved and built. The firm also owns and manages more than 6 million square feet of office, warehouse and retail space.

In March, the pair paid $3.9 million for a 19,422-square-foot industrial property at 5126 West Cypress St., just off of Westshore Boulevard.