Bailey family investment group buys industrial building near IKEA

BUYER: Bailey Investment Holdings LLC (principal: Ron Bailey), Tampa

SELLER: Hodell Warehouse Co. LLC

PROPERTY: 2601 E. Second Ave., Tampa

PRICE: $1.6 million

PREVIOUS PRICE: $542,500, March 2002

TITLE FIRM ON DEED: Bayshore Title Insurance Agency, Tampa

PLANS, DESCRIPTION: The family investment group Bailey Investment Holdings LLC purchased the 45,484-square-foot former Stajac Industries building for $1.6 million.

The price equated to $35 per square foot.

The downtown building features 6,216 square feet of office space, dock-high and grade-level loading and a fenced yard. The 1.49-acre parcel is across the street from the new IKEA store. The warehouse distribution facility was originally built in 1926.

Greg Andretta of Andretta Properties represented the seller and Kevin Platt of Smith & Associates Real Estate represented the buyer.

Kent Bailey, vice president of Bailey Investment Holdings, says the investment group previously invested in residential and apartment properties and had been looking to expand into industrial.

“We are seeing the warehouse/industrial market tightening up,” Bailey says. “There's currently a tenant leasing the whole thing but they'll be out in March so we need to find somebody [else]. It's in a pretty great location near IKEA.”

The new owner is offering to pay for improvements for qualified tenants.