Salvage car auctioneer to lease 18 acres in Pinellas County
By Henry Queen
Tampa Bay Business Journal
Published: Sep 18, 2024

A 785,000-square-foot lot in Pinellas Park will be delivered to a salvage automobile auction company this fall.

Illinois-based Insurance Auto Auctions has inked a build-to-suit lease for about 18 acres at Sunshine Industrial Park, which comprises a total of over 50 acres of outdoor storage space.

The industrial site, located at 5303 126th Ave. N, was acquired in 2022 by New York-based Zenith Industrial Outdoor Storage for $27.5 million in a partnership with JPMorgan. Construction on the property began in May, according to a release.

JLL's John Dunphy, Charlie Kenning and Grant Glattly represented IAA in the deal. Brad Hutton, Pat Kelly and David Hovis with Franklin Street represented Zenith.

In 2023, Florida-based GT Express Enterprises Inc. and Georgia-based White Cap LP inked deals at the site for 1 acre and 1.5 acres of storage space, respectively.

Franklin Street has executed a total of seven leases across 24 acres at Sunshine Industrial Park. The final 11 acres of available outdoor storage space will be leased this fall.

Zenith and JPMorgan remain bullish on the Central Florida storage market, according to a release.