Medline industrial building sells below replacement cost

BUYER: MDL 1 LLC (principal: Gordon McBride), Tampa
SELLER: Medline Industries Inc.
PROPERTY: 4750 118th Ave. N., Pinellas Park
PRICE: $3.19 million
PREVIOUS PRICE: $4.07 million, November 2003
LAW FIRM ON DEED: Burr & Forman LLP, Tampa

PLANS, DESCRIPTION: A real estate investment group led by Gordon McBride of Tampa purchased the 107,500-square-foot Medline Industries building for $3.19 million.

The price equated to $30 per square foot. That figure is lower than the two-year average price per square foot for industrial space ($46) in the Tampa Bay area, according to the CoStar Group.

The fully air-conditioned industrial warehouse building features 24-foot-high ceilings and occupies an 8.84-acre parcel.

Bruce Vaughan of Colliers International Tampa Bay represented the buyer and Jeff Bardin of Cassidy Turley represented the seller, Medline Industries Inc.

The investment group acquired the property as an investment, according to Colliers International Tampa Bay. The purchase price was described as well below replacement cost.

“It's a good time to own or invest in properties such as these as it appears that discounted pricing in the local industrial market may have bottomed,” Vaughan says in a press release. “Activity levels continue to increase, with a number of larger users and leasing prospects vying for the few [more than 100,000-square-foot] facilities available within Pinellas County.”

McBride, a developer of retail, office, industrial and residential projects serves, as chairman of Tampa-based Capstone Group Inc. and road contractor McBride Construction.