Exclusive: Boston Private Equity Firm Buys Pinellas Park Industrial Site for $21M

An industrial property in Pinellas Park has sold for $21 million to a Boston-based private equity real estate firm.

The nearly 30-acre property, located at 3565 126th Ave., was sold by Gaston Trees Debris Recycling to Albany Road Real Estate Partners. As part of the transaction, Gaston Trees Debris Recycling will lease back 10 acres of the site. The sale closed on Sept. 20. A deed has not yet been filed in Pinellas County.

Cushman & Wakefield’s Rick Brugge, Mike Davis, Rick Colon, Dominic Montazemi, John Jackson, JT Faircloth and Casey Perry — with assistance from Cassandra Hernandez and Chloe Strada — represented the seller on the transaction.

Brugge, vice chairman at Cushman & Wakefield, said the property is “one of the last remaining industrial land sites of size in Pinellas County,” which is the most densely populated county in Florida.

Alongside Gaston Trees Debris Recycling, Jingoli Power is leasing 12 acres on the property as outdoor storage. The remaining 7.5 acres are currently available for lease.

According to Cushman & Wakefield, the site offers the ability to construct up to 450,000 square feet of industrial development due to the site’s zoning for heavy industrial use.

“With in-place income as an industrial outdoor storage site, it presents a unique opportunity as a covered land play for potential future industrial development,” Brugge said in a statement.

The property is less than 3 miles from the St. Pete-Clearwater International Airport and is less than 2 miles from the new Topgolf facility in St. Petersburg’s Carillon office park, which opened in June.

Albany Road launched in 2012 and has acquired 75 properties across 13 states totaling 15.1 million square feet. The group has a gross asset value of more than $2 billion, according to a release.

As reported in the Tampa Bay Business Journal by Breanne Williams