Camelot Technologies Group buys building for power division

BUYER: Gunn Highway Holdings LLC (principal: Michael Weaver), Land O' Lakes

SELLER: Performance Ind Manufacturing

PROPERTY: 1900 Gunn Highway, Odessa

PRICE: $1.39 million

PREVIOUS PRICE: $1.08 million, September 2006

TITLE FIRM ON DEED: Century Title Closing & Escrow LLC, Clearwater

PLANS, DESCRIPTION: The owners of Land O'Lakes-based Camelot Technologies Group Inc. purchased the 21,918-square-foot Performance Industries industrial building in Odessa for $1.39 million.

The price equated to $63 per square foot.

Renee Dyer and Matt Kim of Prudential Commercial Real Estate FL handled the sale.

The new owners plan to lease the building to CTG Power Solutions LLC, a division of Camelot Technologies that provides remanufactured diesel and natural gas-reciprocating systems.

The industrial building features 3,186 square feet of office space. The 5.08-site features nearly 3 acres of vacant land for a future expansion.

CTG Power Solutions will receive incentives from the Pasco Economic Development Council for the relocation based on job creation.

“Originally [CTG Power Solutions was] going to lease space, but we couldn't find a building for them,” Dyer says. “The owner of this building was thinking about relocating out of state so they had us give them a broker opinion of value. The minute I walked in the building I said 'I have a tenant for you.' It was perfect for [CTG]; it had room to expand, a large amount of warehouse and was close to major roadway.”

Dyer says the economic incentives were instrumental to the purchase.

The purchase entity Gunn Highway Holdings LLC mortgaged the property to Regions Bank for $1.18 million.