Sunshine Industrial Park
Sunshine Industrial Park is an industrial park in Clearwater that was purchased by Zenith Industrial Outdoor Storage in a joint-venture partnership with JPMorgan. The park spans 83 acres and includes 219,000 square feet of warehouse space. Roughly 30 acres of the park is undeveloped, allowing for outdoor storage space or future development.
Brokers: Brad Hutton and Pat Kelly of Franklin Street
Legal team: Andrew R. Pardun of Battaglia Ross Dicus and McQuaid PA and Marilyn M. Ratzel of Seyfarth Shaw LLP
Inside the deal: “This property was the definition of value-add, off-market deal. There were a lot of capital expenditures that the new buyer would have to take on. The purchase price was a very low cap rate of the in-place rents with interest rates continuing to rise. There were also lots of leases that had expired and were on a month-to-month basis. Zenith believed in the location of this property for their long-term business and has been very successful executing it.”
