Basis Industrial Picks Up Tampa-Area Campus
Basis Industrial has acquired Pinellas Business Center, a six-building office campus totaling 206,275 square feet in St. Petersburg, Fla., within the Gateway submarket.
CBRE negotiated on behalf of the seller, Taurus Investment Holdings. At the time of the deal, Pinellas Business Center was 93 percent occupied by a diverse tenant roster that includes PharmaLabs, Litewave Media, NDH Medical Inc., Curant Health Florida and The Symphony Agency, according to CommercialEdge.
The business campus last changed hands in 2021, when Taurus Investment Holdings paid $19.9 million to seller Denholtz Properties, the same source shows.
The office transaction volume in the Tampa market reached almost $400 million as of July, with properties trading at an average of $146 per square foot, a recent CommercialEdge report shows. The metro’s office vacancy rate clocked in at 13.3 percent, down 110 basis points over a 12-month period.
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Completed between 1985 and 1986, Pinellas Business Center underwent an exterior and landscaping renovation project totaling $3 million in 2022 and 2023. The property encompasses single-story office and flex buildings with rear-face loading through dock-high doors, grade-level doors and ramps. Additional features include floorplans ranging between 24,756 and 68,684 square feet, controlled access, building signage options and a total of 632 vehicle parking spots.
Located at 11001 and 10901 Roosevelt Blvd. N., the approximately 18-acre property is 7 miles from downtown St. Petersburg and has access to Interstate 275. St. Pete–Clearwater International Airport is 4 miles northwest of the business park while Tampa is 15 miles northeast.
The CBRE Capital Markets team representing the seller included Senior Vice President Dale Peterson, Associate Joe Chick and Transaction Manager Courtney Snell.
Recent deals in Tampa
This isn’t the first deal closed between Taurus Investment Holdings and Basis Industrial. In late 2023, North Lake Business Park, a 15-building business campus in Altamonte Springs, Fla., changed hands for $49.6 million. The property was part of Basis Industrial’s $220 million portfolio acquisition and refinance deal, which included the purchase of four industrial assets in Florida and Texas, and the refinancing of two additional Florida properties.
Recent office deals in Tampa include Saxum Real Estate Partners’ acquisition of NetPark Tampa Bay, the largest office property in the metro. The 947,176-square-foot, two-story asset changed hands for $45 million and marked the buyer’s first purchase in the area.
One month earlier, PGIM Real Estate sold Tampa’s tallest office tower. The 572,111-square-foot asset previously traded for nearly $152 million.
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