Birmingham developer buys land for spec warehouses in Tampa
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Feb 1, 2023

A Birmingham developer has acquired land and a warehouse in the Palm River area, with plans to build more than a quarter-million square feet of speculative industrial space.

Graham & Co. paid a total of $6.19 million for 21 acres and an existing 72,236-square-foot warehouse at 9208 Palm River Road on Jan. 19, according to Hillsborough County property records. The development will be a joint venture between Graham & Co. and the site’s previous owner, Palm River JLM Center Ltd.

The developer also secured $23.75 million and $5 million mortgages from Truist Bank, property records show.

The developer believes the site, at the intersection of U.S. 301 and Florida Palm Drive, is “the best remaining infill location in Tampa,” Matthew Graham, vice president of Graham & Co. and principal of Graham Capital, said in a statement.

The warehouse on the property is 100% occupied, Graham & Co. said in a news release. The speculative development will total 262,440 square feet — three warehouses ranging from 85,000 to 91,440 square feet each — and will be known as East Tampa Commerce Center. It will cater to distribution tenants.

ARCO Murray Construction Co. is handling the design and construction of the development.

“Despite challenges facing our economy and increasing construction costs, we have been encouraged by the continued population growth and rent appreciation Tampa has experienced and are proud to be able to contribute to Tampa’s further growth,” Graham said.