4407 North Manhattan Ave. in Tampa — Courtesy: STRO Cos./KRE Group
By Joshua Burd
The STRO Cos. and KRE Group have added to their Southeast industrial portfolio with two recent acquisitions in the Tampa submarket.
According to the firms, the deals include their off-market purchase of an 81,983-square-foot facility at 4407 North Manhattan Ave. in Tampa. The building has a 24-foot average clear ceiling height, dock-high and grade-level loading and modernized office and showroom space, the partnership said, adding that it has institutional-grade outdoor storage and strong access to major highways, Tampa International Airport and affluent residential neighborhoods.
Part of the Drew Park neighborhood, the warehouse sits on 5.74 acres and includes some two additional acres of excess land.
“This was a rare opportunity to acquire an entire block in Tampa’s Airport submarket at a compelling basis well below replacement cost,” said Kevin Bramhall, director of Southeast acquisitions at Ridgewood-based STRO. “Infill assets with outdoor storage near urban cores continue to be in high demand as supply remains persistently constrained.”
KRE Group President Jonathan Kushner added: “We are thrilled to continue our growth and expansion into the state of Florida. STRO is a partner we deeply value, and we are pleased to announce this important acquisition.”
The deal comes weeks after the firms’ purchase of a 52,300-square-foot last-mile logistics facility at 11116 47th St. in Pinellas Park, Florida, according to a separate news release. They said the multitenant facility sits on 2.2 acres and has 22-foot clear heights, a combination of dock-high and oversized drive-in doors and other features, while it offers direct access to major highways and dense residential neighborhoods.
“This off-market acquisition aligns perfectly with our investment thesis of acquiring infill, shallow-bay assets in high-growth, densely populated markets in the Southeast,” Bramhall said, citing the role of brokers Deron Thomas, Tyler Thomas and Kyle Harris of Industrial Realty Solutions “for being instrumental in getting this deal across the goal line.”
