Pinellas industrial flex property sells for $24.5 million

A Miami real estate firm has paid $24.5 million for a three-building industrial flex property in Pinellas Park.

The property is Park West at Gateway and the buyer is Adler Real Estate Partners.

Gateway is off U.S. 19, Pinellas County’s main thoroughfare, at 3845 Gateway Centre Blvd.

According to a statement from Cushman & Wakefield, the buildings have 133,694 square feet in space, and the property includes a parking ratio of five per 1,000 square feet, tilt-wall construction, six dock-high loading doors and recently renovated roofing and tenant spaces.

The commercial real estate firm represented the seller, Z Asset Management Corp., in the transaction.

The property is 100% occupied.

Rick Brugge, the vice chair at Cushman & Wakefield, says in the statement that Gateway “is a well-located light industrial property in the heart of Pinellas County, the most densely populated county in the state. The limited amount of existing light industrial product and exceptionally high barriers to entry should ensure its continued success.”

Adler was founded in 2012 but traces its history in Miami real estate to 1955 when Samuel Adler, the grandfather of the current firm’s founder and managing principal Matthew Adler, first moved to the city. He went on to build about 6,000 residential units.

Adler Real Estate Partners currently manages 6.7 million square feet of property, mostly in the Southeast. Among its holdings are nine properties in Florida, including three in the Tampa Bay market and one in Naples.