A South Carolina investor has acquired the former Southern Glazer’s Wine & Spirits warehouse in Tampa, with plans to renovate the property and seek new tenants.
RealOp, based in Greenville, South Carolina, closed on the 360,000-square-foot warehouse at 5210 16th Ave. in late May for $16.5 million, according to Hillsborough County property records.
“We purchased the building from an owner occupant, so we will be introducing new inventory to a very tight industrial market with this acquisition,” Julian Nexsen, RealOp’s vice president of acquisitions and business development, said in a statement. “We will be completing several interior and exterior improvements to attract new tenants to the property.”
At the end of the first quarter, Tampa Bay’s industrial real estate was just over 4 percent vacant, according to data from CBRE Inc.
“Industrial investors and users continued to pursue buildings for purchase during Q1 2019, as the supply of inventory available on the market continues to dwindle,” according to CBRE. “Only 26 properties, totaling just below 1.9 million square feet, traded hands. This was nearly a 100 percent decrease from the square footage sold during Q4 2018.”
In Southeast Tampa, where the Southern Glazer’s Wine warehouse is located, the total inventory of industrial space is more than 8 million square feet; vacancy rate is 4.6 percent.
“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,” Chip Hunt, vice president of leasing for RealOp, said in a statement. “Given the low vacancy and lack of big block availability in the submarket, we believe the property is well positioned for immediate stabilization.”
The property is RealOp’s second acquisition in Tampa; the firm also owns an eight-building, 195,558-square-foot business park in the Westshore business district.