New York real estate investor purchases 83-acre industrial park in Clearwater
By Breanne Williams
Tampa Bay Business Journal
Published: Sep 15, 2022

New-York Based Zenith Industrial Outdoor Storage has purchased an 83-acre value add industrial park in Clearwater for $27.5 million.

The development, called Sunshine Industrial Park, includes seven fully leased warehouses that total 219,000 square feet and approximately 30 acres of undeveloped land, which provides for the potential for outdoor storage space and future development potential. Twenty-five acres of outdoor storage will be available for lease in the second quarter of 2023.

According to a Pinellas County deed, the seller was HSS Partners. Franklin Street arranged the sale of the industrial park, and its Tampa-based office and industrial services team of Pat Kelly and Brad Hutton brokered the transaction on behalf of Zenith in an off-market deal. Zenith purchased the property as part of a joint-venture partnership with JPMorgan.

Zenith, an investment, development and management company, is known for providing outdoor storage solutions and, according to its website, is focused on growing its portfolio in all major metros across the country. JPMorgan announced in February it was teaming up with Zenith on a $700 million joint venture to buy these types of properties.

The industrial park is located at 5150 to 5303 126th Ave. N. This is the first deal for Zenith in Tampa Bay.

“It’s no secret that Florida industrial real estate remains in high demand, but this transaction stands out,” Kelly said in a release. “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.”