Hazel Road Capital and CIP Actual Property have teamed up for the event of a 331,000-square-foot infill industrial undertaking in Tampa, Fla.
JLL represented Hazel within the capitalization course of and organized the development financing on behalf of CIP, which bought the 26-acre growth web site. Scannell Properties beforehand owned it, in response to Yardi Analysis Knowledge.
Development already kicked off final month at 3600 Causeway Blvd., about 4 miles southeast of downtown Tampa and Interstate 275. The Tampa Port Authority operates greater than 1 mile away.
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The undertaking will include three speculative buildings measuring 142,000, 110,000 and 79,000 sq. ft. The most important of the trio could have a rear-load configuration, whereas the smallest shallow-bay warehouse could have separate auto entry.
JLL Managing Director Cody Brais, along with Senior Managing Director Luis Castillo and Affiliate Taylor Osborne, in addition to Analyst David Orta, led the capitalization efforts. JLL Senior Director Peter Thompson, along with Affiliate Kyle White and Analyst Nick Englhard, secured the financing.
CIP Actual Property focuses on the acquisition, growth and repositioning of business parks. Since its inception in 1995, the corporate has closed greater than $2.5 billion in transactions and now owns and manages upward of 10 million sq. ft. Hazel Road develops and acquires shallow-bay industrial amenities, eyeing main Florida markets.
Tampa industrial pipeline stays regular
Larger Tampa’s industrial pipeline comprised some 3.3 million sq. ft of product underway as of June, in response to a Yardi Matrix report. That accounted for 1.2 % of inventory, 50 foundation factors beneath the nationwide common.
In April, McCraney Property Co. secured a $25.8 million building mortgage for the 299,030-square-foot first part of an industrial undertaking throughout the market. The month earlier than, Altman Logistics Properties and FRP Growth Corp. obtained a $16 million be aware for one more 202,000-square-foot growth within the metro.
