Chicago investors buy industrial park for $2.75 million

BUYER: Congaree River LLC, Chicago

SELLER: Eagle FL I SPE LLC

PROPERTY: 10410, 10420, 10430, 10440 and 10450 66th St., Pinellas Park

PRICE: $2.75 million

PREVIOUS PRICE: $690,000, July 2003

LAW FIRM ON DEED: The Hayes Law Group PA, St. Petersburg

PLANS, DESCRIPTION: Congaree River LLC, an entity with connections to the Beidler family of Chicago, purchased the 135,308-square-foot, five-building Cross Bayou Industrial Park for $2.75 million.

The price equated to $20 per square foot.

Dennis Bush and Elliott Ross of Ross Realty Group Inc. represented the building owner, BB&T.

Built in 2009, the property features several grade-level loading doors. Ross puts the occupancy at the time of the sale at 25%.

“It was a saddled with an overly high appraisal,” Ross says. “It was appraised for $10 million two years ago. The south bay area is so soft we weren't able to add to the occupancy. Then we had a big tenant relocate, leaving 30,000 square feet ... This buyer has been lurking around the property for two years. They've written several offers on it.”

John Connel, the manager of the park, says that the majority of the buyer's plans for the property focus on marketing and promotions.

“It's only a couple years old so doesn't need any work,” he says. “It's also near a very high-traffic area, but it's off the road. It's hard for people to know it's there. So one of the first things we'll do there is signage.”