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Warehouse

Sunshine Industrial Center

6399 142nd Ave N, Clearwater, FL 33760

Listing Price: Request For Offer

Gross SF
59,966
Lot Size
3.90 acres
Year Built
1986
Rentable SF
59,966

Investment Overview

Marcus & Millichap, as exclusive advisor, is pleased to offer for sale Sunshine Industrial Center (the “Property”), an approximately 60,000-square-foot, multi-tenant, small-bay industrial warehouse in Clearwater, Florida. Sunshine Industrial Center was constructed in 1986 and is a concrete-block structure with stucco exterior. The Property is being marketed on behalf of the original owner and provides an investor a value-add opportunity through raising rents to market and leasing up the remaining 15-percent of occupancy. All tenants are on modified gross leases with an average rental rate of less than six dollars per square foot. Comparable small-bay warehouse spaces in the South Pinellas submarket achieve rents more than double this amount, on average. The building features ten, 12-foot, grade-level loading doors and two additional 12-foot dock-high doors, and offers clear heights of approximately 16 feet. The Property has been well-maintained, and significant capital expenditures have been completed in the last several years, minimizing the near-future reserve requirements. Recent improvements since 2017 include a new roof, new security gate, eight new A/C units, exterior painting, new canopies, retention pond dredging and more; totaling over $460,000 of expense. Sunshine Industrial Center is centrally located in Pinellas County, with easy access to US Highway 19, the main north-south thoroughfare in the market. Pinellas County is the most densely populated county in Florida, with over 1,500 residents per square mile. The Property will benefit from the $598 million Gateway Expressway currently under construction. This infrastructure project will provide direct access to Interstate 275 from US-19 via an elevated tollway, with an on-ramp only two miles south of Sunshine Industrial Center. The project is expected to be completed in 2023 and will further bolster economic growth in the Tampa Bay area.

Investment Highlights

  • Value-Add, Small-Bay Warehouse in Premier Market
  • Central Pinellas County Location Near US Highway 19
  • 12-Foot Loading Bay Doors - 10 Grade-Level and 2 Dock-High
  • Approximately 16-Foot Maximum Clear Heights
  • Over $460,000 in Capital Expenditures Completed Since 2017
  • Located in the Most Densely Populated County in Florida (Pinellas)
  • Proximity to St. Pete-Clearwater Airport (3.5 miles)
  • First Time this Property has been on the Market

Exclusively Listed By

Financing By

Warehouse

Sunshine Industrial Center

Listing Price: Request For Offer

Gross SF
59,966
Lot Size
3.90 acres
Year Built
1986
Rentable SF
59,966

Investment Highlights

  • Value-Add, Small-Bay Warehouse in Premier Market
  • Central Pinellas County Location Near US Highway 19
  • 12-Foot Loading Bay Doors - 10 Grade-Level and 2 Dock-High
  • Approximately 16-Foot Maximum Clear Heights
  • Over $460,000 in Capital Expenditures Completed Since 2017
  • Located in the Most Densely Populated County in Florida (Pinellas)
  • Proximity to St. Pete-Clearwater Airport (3.5 miles)
  • First Time this Property has been on the Market

Investment Overview

Marcus & Millichap, as exclusive advisor, is pleased to offer for sale Sunshine Industrial Center (the “Property”), an approximately 60,000-square-foot, multi-tenant, small-bay industrial warehouse in Clearwater, Florida. Sunshine Industrial Center was constructed in 1986 and is a concrete-block structure with stucco exterior. The Property is being marketed on behalf of the original owner and provides an investor a value-add opportunity through raising rents to market and leasing up the remaining 15-percent of occupancy. All tenants are on modified gross leases with an average rental rate of less than six dollars per square foot. Comparable small-bay warehouse spaces in the South Pinellas submarket achieve rents more than double this amount, on average. The building features ten, 12-foot, grade-level loading doors and two additional 12-foot dock-high doors, and offers clear heights of approximately 16 feet. The Property has been well-maintained, and significant capital expenditures have been completed in the last several years, minimizing the near-future reserve requirements. Recent improvements since 2017 include a new roof, new security gate, eight new A/C units, exterior painting, new canopies, retention pond dredging and more; totaling over $460,000 of expense. Sunshine Industrial Center is centrally located in Pinellas County, with easy access to US Highway 19, the main north-south thoroughfare in the market. Pinellas County is the most densely populated county in Florida, with over 1,500 residents per square mile. The Property will benefit from the $598 million Gateway Expressway currently under construction. This infrastructure project will provide direct access to Interstate 275 from US-19 via an elevated tollway, with an on-ramp only two miles south of Sunshine Industrial Center. The project is expected to be completed in 2023 and will further bolster economic growth in the Tampa Bay area.

Exclusively Listed By

Financing By

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