Cushman & Wakefield Arranges $21M Sale-Leaseback of 126th Ave. Industrial Land Site
By Post
Tampa Bay Newswire
Published: Sep 22, 2023

Cushman & Wakefield announced the commercial real estate services firm has arranged the $21 million sale of a 29.5-acre industrial land site located at 3565 126th Ave. in Pinellas Park, Florida.

Cushman & Wakefield’s Rick Brugge, Mike Davis, Rick Colon, Dominic Montazemi, John Jackson, JT Faircloth, and Casey Perry (with assistance from Cassandra Hernandez and Chloe Strada) represented the seller on the transaction. The site was sold by Gaston Trees Debris Recycling and acquired by Albany Road Real Estate Partners. As part of the transaction, Gaston Trees Debris Recycling will leaseback 10 acres of the site.

“3565 126th avenue is one of the last remaining industrial land sites of size in Pinellas County, the most densely populated county in Florida. With in-place income as an Industrial Outdoor Storage (IOS) site it presents a unique opportunity as a covered land play for potential future industrial development,” said Brugge, Vice Chairman at Cushman & Wakefield.

The 126th Ave. site is currently being used as outdoor storage by Jingoli Power who leases 12 acres of land as well as Gaston Trees Debris Recycling who is leasing back 10 acres. The remaining 7.5 acres is available for lease. The site also offers the ability to construct up to 450,000 square feet of industrial development in the future through the site’s zoning for heavy industrial use.

Located in the Gateway/Mid-Pinellas submarket, the site sits less than five miles from the St. Pete-Clearwater International Airport, US Highway 19, and Interstate 275. The site is also south of Ulmerton Road and north of 118th Ave N, where the Gateway Expressway Project will soon improve mobility in the area and provide even more seamless accessibility.