Tropicana Field developer pays $46 million for East Tampa warehouse
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Oct 11, 2023

Real estate giant Hines has paid $46 million for an East Tampa warehouse known as 301 Logistics.

Houston-based Hines, which has partnered with the Tampa Bay Rays to redevelop Tropicana Field, closed on the warehouse on Oct. 2, according to Hillsborough County property records. The sale appears to be a cash transaction, as a mortgage has not been filed.

Hines has a vast international portfolio that includes every commercial real estate asset class. In addition to Tropicana Field, it owns multifamily properties throughout Florida.

The sales price breaks down to $117 per square foot.

The warehouse at 1220 U.S. 301 was built in 1972. Tampa unicorn startup Cirkul, whose TikTok-famous water bottles hold a flavor cartridge, is a tenant in the warehouse.

The seller was Angelo Gordon, which took title to the property in 2021. The warehouse had been home to Ace Hardware before the company moved to a larger facility in Plant City.

A team of brokers from Cushman & Wakefield Inc. in Tampa — Rick Brugge, Mike Davis, Rick Colon, Dominic Montazemi and Chloe Strada — represented the seller in the transaction.