Cushman & Wakefield has negotiated the sale of Port Manatee Commerce Center, a 314,143-square-foot, six-building industrial park, for $18.2 million.
The center is located on 18 acres next door to Port Manatee at 2300 South Dock Street.
“By association, the record growth in cargo at Port Manatee bodes well for any contiguous property,” Carlos Buqueras, executive director of Port Manatee, said in a phone interview Tuesday from Chile, adding that all industrial storage property on port premises is full or spoken for.
The Port Manatee Commerce Center property was constructed between 2005 and 2010 and features a combination of flow-through and front-load buildings with 26- to 29-foot clear heights, allowing it to accommodate a variety of tenant types, sizes and uses, according to a press release announcing the sale.
The park also offers oversized cargo doors, aircraft hangar bi-fold doors, drive-thru access and 170-foot clear span, providing unobstructed interior mobility.
Mark Johns, deputy property appraiser for Manatee County, said that more large industrial parks are being built in the county, and that he would anticipate more large sales in the future.
Port Manatee Commerce Center was assessed at $10.5 million, according to property appraiser records.
“That’s a pretty substantial sales price for this property,” Johns said.
The Cushman & Wakefield Capital Markets Team of Executive Director Rick Brugge, Vice Chairman Mike Davis and Executive Director Michael Lerner, as well as Director of Industrial Leasing Services John Jackson, represented the Federal Port Corporation and Federal Warehouse Corporation in the sale.
The buyer is The Ninigret Group, L.C., a Salt Lake City-based commercial real estate company that focuses on development, investment, financing and construction.
Port Manatee Commerce Center was 98 percent occupied at time of sale.
“Port Manatee Commerce Center offered a rare opportunity to acquire an intermodal, transloading industrial facility directly adjacent to one of Florida’s largest seaports,” said Brugge. “The North Manatee market has become an increasingly popular choice among occupiers of industrial space, so this property is well-positioned to attract new tenants and experience future rent growth.”
Cushman & WakefieldCushman & Wakefield is a global real estate services firm with 48,000 employees in approximately 400 offices and 70 countries. For more information, visit http://www.cushmanwakefield.com/.