St. Pete business park sells for $27.2 million

Basis Industrial, a real estate management company headquartered in Boca Raton, has successfully acquired the Pinellas Business Center in North St. Petersburg for $27. 2 million. This business park includes six buildings that total 206,275 square feet of versatile space suitable for office or industrial use. The property was 93% leased at the time of the sale, demonstrating a strong demand for commercial real estate in the area.

Basis plans significant renovations, including upgrades to HVAC systems, resealing asphalt, and enhancing the landscape. Joe Chick from CBRE noted that investors are still drawn to the Tampa Bay area due to its favorable market conditions. Managing partner Anthony Scavo of Basis emphasized the firm's ability to grow and acquire properties even in a challenging economic environment. The Pinellas Business Center is strategically located at the intersection of Roosevelt Boulevard and 9th St. North, making it highly visible and accessible.

This acquisition aligns with Basis's goal of expanding its commercial footprint in Florida, aiming for one million square feet by 2024.