1990 Corporate Center Drive in Trinity, Florida — Courtesy: Greek Real Estate Partners
By Joshua Burd
Greek Real Estate Partners has expanded to Florida with its acquisition of a 100,000-square-foot industrial building outside Tampa, the company announced Thursday.
The firm, which is based in East Brunswick, said it paid $22.5 million in the sale-leaseback deal at 1990 Corporate Center Drive in Trinity. Lifestyle activewear brand NVGTN occupies the entire property, which was completed last year to house one of the fastest-growing clothing companies in the United States.
Features at what’s known as Trinity Commerce Center include a 34-foot clear ceiling height, 21 dock-high doors, three oversized drive-in doors and LED lighting, according to a news release. GREP also touted the building’s location in West Pasco County and proximity to major corridors such as Route 19, Florida State Road 54 and interstates 275 and 75, while it’s within a four-hour drive of 16.1 million people.
“We are excited to expand our footprint to Florida, and we continue to look for new opportunities in this market,” said Alex Motiuk, director of acquisitions for Greek Real Estate Partners. “Florida’s powerful growth trends align with our strategy to develop and acquire for the long-term in dynamic, densely populated markets.”
Cushman & Wakefield’s Rick Brugge, Mike Davis and Rick Colon represented NVGTN in the transaction, working with Trey Carswell and Lisa Ross of the firm’s industrial leasing team.
“Trinity Commerce Center represented a prime opportunity for investors looking to enter or expand in the prestigious Tampa Bay industrial market with a newly constructed, modern facility occupied by a great tenant, ensuring stable cash flow and growth potential,” said Brugge, a vice chair with Cushman. “We continue to see investors focus on Central Florida as the region and the state continue to grow and offer strong returns.”
