RealOp Investments, a real estate private equity firm headquartered in Greenville, S.C., recently completed the acquisition of a 360,000 square-foot industrial building located at 5210 S. 16th Avenue near Port Tampa Bay and Interstate 75.
The property was acquired from Southern Glazer’s Wine & Spirits and represents RealOp’s second acquisition within the Tampa MSA.
“We purchased the building from an owner occupant, so we will be introducing new inventory to a very tight industrial market with this acquisition,” said Julian Nexsen, RealOp’s Vice President of Acquisitions and Business Development. “We will be completing several interior and exterior improvements to attract new tenants to the property.”
5210 S. 16th is a front-loaded building that includes 27-foot clear heights, 237 parking spaces, 50 trailer drops and 34 loading dock doors. The building also has an active rail spur and nine rail doors. Renovations will include upgraded dock doors, new LED lighting, new HVAC systems, exterior enhancements and updated office suites.
“With rail, easy access to I-4, I-75 and the Port, the investment offers the ability to attract both last mile, regional distribution and light industrial tenants. Given the low vacancy and lack of big block availability in the submarket, we believe the property is well positioned for immediate stabilization. We are looking forward to working with our brokerage team, Colliers International, as well as local and state economic development teams to identify the right tenant or tenants for the property,” said Chip Hunt, RealOp’s Vice President of Leasing.
Tampa’s population growth, leasing momentum and favorable macro-economic factors provided support for their latest acquisition.
With its recent industrial acquisitions in Tampa, Charlotte and Nashville, RealOp Investments now owns more than 900,000 square feet of industrial space. RealOp also owns a large office portfolio across the Southeast, including an eight-building, 195,558-square-foot Class-B office park located in the Westshore submarket of Tampa.
“We see continued growth in our target markets across Florida. We are looking forward to future opportunities as we continue to review a strong pipeline of potential transactions,” Nexsen said.
Leasing inquiries may contact:
Executive Managing Director
Robyn Hurrell, MCR
About RealOp Investments
RealOp Investments is a commercial real estate investment firm founded in 2009 specializing in value-add and opportunistic acquisitions. With deep roots in the Southeast, our investment strategy spans all commercial asset classes and is based on a relationship-driven pursuit of value; not only in identifying off-market opportunities, but in creating value through innovative capitalization structures, management expertise and the execution of unique strategies tailored to each asset. The firm was named the 2019 Greenville Chamber Small Business of the Year, and one of the Top Ten Fastest Growing Companies in South Carolina for 2018. Learn more at www.realopinvestments.com.