Developer moves into Tampa with $135 million in projects and deals

Arizona- and Texas-based real estate investment and development firm Creation has broken into the Tampa market in a big way.

The firm has announced two developments totaling $135 million and opened an East Coast office near downtown.

The first deal is the purchase of a 20-acre site near Tampa International Airport with two office buildings on it.

Creation, along with Clarion Partners, paid $30 million for the property at 5301 and 5319 W. Idlewild Ave. last year. The plan is to tear down the two buildings, which total 176,000 square feet, and redevelop the site as a $75 million industrial complex with three new buildings and more than 300,000 square feet of logistics space.

A spokesperson says details on the construction schedule will be announced later this year.

There are few details available about the second project.

What Creation says is that it is in escrow on a vacant site in East Tampa, where it plans to build a $60 million, three building logistics park.

Creation, based in Phoenix and Dallas, says it has $4.4 billion in active development projects across eight states. In Florida, it is “actively pursuing” projects in South Florida, Orlando, Fort Myers and Jacksonville.

The firm’s Tampa office is at 442 W. Kennedy Blvd., across from the University of Tampa.