Largo industrial buildings sell for $23.5 million

Bromley Industrial Partners, a Tampa real estate investment firm, has bought a two-building, 200,000-square-foot industrial complex in Pinellas County.

The company paid $23.5 million for the property at 14450 and 14480 62nd St. N. in Largo.

BankUnited provided the acquisition financing, which was arranged by Colliers Debt & Structured Finance. Details of the loan were not disclosed.

Bromley, a division of Bromley Cos., the developer of Midtown Tampa, says in a statement that the purchase is its largest in the region and a part of the firm’s approach to growing its industrial footprint in the state.

Its strategy focuses on “supply-constrained urban infill industrial assets that support last-mile distribution, local manufacturing, and essential service businesses, particularly tenants with location-dependent operations and long-term occupancy needs.”

According to the statement, it is targeting a portfolio of 20 to 30 industrial properties.

As for the complex, it is north of Ulmerton Road and off U.S. Highway 19. According to Colliers, which represented the seller, the property was 75% occupied at the time of sale with about 51,000 square feet of space vacant.

The largest tenant is Costa Custom Boats, which occupies more than 54,000 square feet across both buildings.

The seller was a partnership between Blue Steel Development and Dubuque Capital. County records show the property sold in 2019 for $7.8 million. Before that, it was owned by Pinch A Penny Pool Supplies.

Colliers' Robyn Hurrell and Kyle Kidd represented the seller in the transaction. Colliers Debt & Structured Finance's Nathan Lynch and Mike Sogluizzo worked on the financing.

This story has been updated to include new details on the transaction and the firm that worked on it.