Continental Awards and Trophies opening St. Pete distribution center

BUYER: Derrick Calcote, Bartlett, Tenn.
SELLER: Elizabeth and Herbert Anderson, individually and co-trustees of the Elizabeth O. Anderson Revocable Trust of 1998
PROPERTY: 10601 Oak St. N.E., St. Petersburg
PRICE: $1.05 million
PREVIOUS PRICE: $15,000, 1979
TITLE FIRM ON DEED: Fidelity National Title of Florida Inc., South Pasadena

PLANS, DESCRIPTION: Tennessee entrepreneur Derrick Calcote purchased the 46,572-square-foot Rollaway Facility for $1.05 million.

The price equated to $23 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.

Luke Elliott and Michael Mele of Marcus & Millichap's Tampa office handled the transaction.

Built in 1981, the industrial property north of Gandy Boulevard features dock-high loading, three phases and secure outdoor storage.

Calcote is president of Continental Awards and Trophies, a manufacturer and distributor of component parts for the awards industry. The property was purchased to serve as a shipping and receiving site for the company replacing an existing leased Pompano Beach location.

“St. Pete is a much more business-friendly environment,” Calcote says. “Our previous facility had just under 30,000 square feet of space, so this larger facility should give us more flexibility for growth. We [also] love the location.”

Calcote plans to use the nearby Port of Tampa to send products to the Caribbean and to receive shipments from Asia.

The firm plans to open in the new location in July.

Calcote mortgaged the property to the former owners Elizabeth and Herbert Anderson for $157,500 and to Regions Bank for $892,500.