Foundry Commercial Closes on Industrial Site in Sought-After Pinellas County
Posted on December 16, 2021
-Named Tampa Bay’s second largest commercial real estate developer for the second year in a row, this sale marks Foundry’s 14th industrial development-
Tampa, Fla. (Dec. 16, 2021) – Foundry Commercial, the multi-market commercial real estate firm with offices throughout the Sun Belt, recently closed on the purchase of the Carroll’s Nursery site in Largo, making way for a new 125,000-square-foot dock-high warehouse, which will include extra land for storage and parking.
This acquisition marks the first for Foundry’s Development & Investments platform in Pinellas County and is the eighth new development for the company in 2021, totaling over $500 million. In July, for the second year in a row, Foundry Commercial was named the second largest commercial real estate developer in the region by the Tampa Bay Business Journal.
“Pinellas County has long been considered one of the tightest industrial markets in Tampa Bay, so the opportunity to develop a new Class-A warehouse was certainly attractive as we explored locations for our next development project,” said David Kern, Market Leader for Foundry Commercial in Tampa Bay. “Given the challenges initially presented by this property, this development would not be possible without the tremendous support from the City of Largo, FDEP, and Duke Energy,” added Kern.
The property, which had been unused for several years, was annexed into the City of Largo in order to promote job creation and economic development. Located on 150th Avenue and 62nd Street, across from the Pinellas Vocational Technical Institute, the new warehouse will be ideally situated to serve central Pinellas County with convenient access to major roadways including the Gateway Expressway, currently under construction.
Site work has commenced at the property with completion slated for early 2023. The Carroll’s Nursery development complements Foundry’s existing 4 million-square-foot Lakeside Logistics industrial development in Plant City.
For more information about this project or future development and investment opportunities with Foundry Commercial in the greater Tampa Bay area, contact Foundry’s David Kern at David.Kern@foundrycommercial.com or 813-286-7530.