206,275-SF Business Park in St. Petersburg Trades Hands in Sale Arranged by CBRE Capital Markets

Basis Industrial Purchases 6-Building, Institutional-Quality Business Park in St. Petersburg, Florida

CBRE has arranged the sale of Pinellas Business Center, a six-building 206,275 sq.-ft. business park located in the Gateway submarket of St. Petersburg, Florida.

Dale Peterson, Joe Chick and Courtney Snell with CBRE Capital Markets represented the seller, Taurus Investment Holdings, in the transaction. Basis Industrial, a Florida-based privately held real estate owner and operator, was the buyer.

“Pinellas Business Center was a great addition to our existing portfolio and has performed at a high-level since our acquisition in 2021,” said Jeff McFadden, Taurus Investment Holdings Managing Director. “Having recently sold an Orlando property to Basis made the decision to select them as the buyer a logical choice.”

Pinellas Business Center features both flex and office space in a professionally maintained, self-enclosed business park setting. Each building provides rear-face loading capabilities through a variety of formats (i.e. dock-high, grade-level, ramp). At the time of sale, the property was 93% leased by a diverse tenant roster featuring a variety of public and private sector firms ranging from 2,000 square feet to just over 41,000 square feet.

Originally constructed in 1985 and 1986, the property underwent a $3 million dollar façade renovation project in 2022 and 2023. The property is strategically located at the intersection of Roosevelt Boulevard and Ninth Street North in the Gateway submarket and benefits from unmatched connectivity to major throughfares connecting the Tampa Bay region.

“The buyer was drawn to this property due to its value-add characteristics and their ability to operate the park as an institutional-quality flex project that matched perfectly with their current investment acquisition profile,” said CBRE Senior Vice President Dale Peterson.

About Taurus Investment Holdings, LLC

Headquartered in Boston, Massachusetts, Taurus is a global real estate private equity firm with over 45 years of experience as a general partner, investor, and operator. By empowering and combining the strength of in-house experts in the fields of multifamily, office, logistics, mixed-use, and renewable energy, the firm has created targeted, scalable investments into value-add, core-plus, and development opportunities. Taurus is focused on using innovative energy efficient technologies to make the extensive infrastructure investments required to decarbonize residential and commercial buildings through its EcoSmart Solution and RENU Communities affiliates. Throughout North America and Europe, Taurus is consistently recognized as one of the premier owners of both directly managed and joint venture commercial real estate. To date, Taurus has purchased and developed more than 70 million square feet of residential, office, industrial, retail and other commercial real estate assets throughout the world with a total acquisition value of over $11 billion. For information visit www.tiholdings.com

About Basis Industrial

Basis Industrial is a vertically integrated real estate owner and operator formed by industry veterans and sponsors Jay Massirman, Stephen Garchik and Daniel Weinstein. Basis brought Anthony Scavo on as COO/President to run day-to-day activities of the company. Scavo currently serves as president and managing partner of Basis. Together they have over 100 years of combined Real Estate Development and Management experience. It has deep roots in the self-storage and industrial sectors. Basis currently owns over 4 million square feet of self-storage and industrial real estate and is scheduled to close and/or complete another 2 million square feet in 2024. Active markets for Basis include Florida, Pennsylvania, New Jersey, New York, Texas, Boston, Los Angeles, Alabama and select urban markets nationwide. In total, the sponsors have developed and managed over 15 million square feet of real estate assets including self-storage, industrial, retail, office and residential. In 2023, Basis Industrial was ranked the No. 1 fastest-growing company by South Florida Business Journal. In 2024, Basis was the winner of Commercial Observer’s Breakthrough Awards in the Industrial Transaction of the Year category. For more information, visit www.basisindustrail.com

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2023 revenue). The company has more than 130,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.

Photo: CBRE Tampa

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