Franklin Street Represents Zenith Industrial Outdoor Storage in $27.5M Acquisition of Tampa Bay Industrial Park
The 83-acre value-add industrial park in Pinellas County, FL, marks the NY-based buyer’s entrance to Tampa Bay

By Post
Tampa Bay Newswire
Published: Sep 17, 2022

TAMPA BAY (September 16, 2022) – Franklin Street has arranged the sale of Sunshine Industrial Park, an 83-acre industrial park in Clearwater, Florida, for $27.5 million. The property comprises seven fully leased warehouses totaling 219,000 square feet along with +/-30 acres of undeveloped land, providing highly sought-after outdoor storage space as well as future development potential.

Franklin Street’s Tampa-based Office and Industrial Services Team of Pat Kelly and Brad Hutton brokered the transaction on behalf of the buyer, New York-based Zenith Industrial Outdoor Storage (IOS), in an off-market deal. Zenith IOS, a vertically integrated investment, development and management company, is focused on acquiring outdoor storage assets across the United States as part of a joint-venture partnership with JP Morgan. The seller was HSS Partners.

“It’s no secret that Florida industrial real estate remains in high demand, but this transaction stands out,” said Kelly. “While many of the institutional players active in the market are drawn toward new development and Class A logistics centers, Zenith IOS saw the value-add potential in acquiring an existing property within a land-constrained market and maximizing a non-traditional income stream through the outdoor storage component.”

At 5150 – 5303 126th Avenue N., the industrial park is located near the St. Pete-Clearwater Airport with access to numerous major roadways, including U.S. 19 and I-275. All warehouses and outdoor storage sites are currently leased. 25 acres of industrial outdoor storage will be available for lease Q2 of 2023.