Miami investors add Pinellas Park flex buildings to Tampa Bay portfolio
By Breanne Williams
Tampa Bay Business Journal
Published: Sep 6, 2022

Park West at Gateway, a three-building business park in Pinellas Park, has sold for $24.5 million.

The sale closed on Aug. 31, according to property records. The approximately 133,189-square-foot park is located at 3925 Gateway Centre Blvd. The sale price breaks down to approximately $183 per square foot. Current tenants include GE Aviation, West Shore Home and Reliant Pharmacy Services.

Cushman & Wakefield’s Rick Brugge, Mike Davis, Rick Colon and Dominic Montazemi, with support from Alex Sulte and Zach Eicholtz, represented the seller in the transaction. The property was sold by Z Asset Management Corp. and acquired by Miami-based Adler Real Estate Partners, a company that invests in multitenant light industrial and business parks. The three buildings in the park are flex buildings, which can be adapted for office or light industrial tenants.

“Park West at Gateway is a well-located light industrial property in the heart of Pinellas County, the most densely populated county in the state,” Brugge, vice chairman at Cushman & Wakefield, said in a release. “The limited amount of existing light industrial product and exceptionally high barriers to entry should ensure its continued success.”

According to Cushman & Wakefield, at the time of sale Park West at Gateway was fully occupied. The company said the park includes “a five per 1,000 square feet parking ratio, tilt-wall construction, 17 grade-level and six dock-high loading doors that can cater to a variety of uses and newly renovated roofing and tenant spaces.”

Adler was created in 2012 but has a 50-year track record of “acquiring and operating multitenant commercial real estate assets of Matthew Adler’s legacy family business, the Adler Group,” according to its website. The Adler Group is a multiprofile real estate firm formed in 1978.

Adler Real Estate Partners currently has approximately 6.73 million square feet under its management, according to its website. This includes the 376,551-square-foot 580 Corporate Center in Oldsmar, the 166,862-square-foot Meridian Gateway Center in St. Petersburg and the 145,925-square-foot Prospect Park I and II in Fort Lauderdale.

The business park sits on approximately 15 acres and was built in 1999.