Investor Gerard Keating, owner of Naples based Keating Resources, sold the 4 building, 6 tenant, 100% leased 167,958 SF Westshore Logistics Park, on 11 acres located at 5400 Southern Comfort Road in Tampa for $16.3 million on 12/14/18 to Atlanta based Equitable Real Estate Partners (www.equitablerep.net). The sale took place less than 18 months after Keating bought the long vacant derelict property for $4.65 million in June of 2017. Mike Davis, Managing Director and Rick Brugge with Cushman Wakefield Capital Markets team arranged the sale.
Keating credited the success to the A+ Westshore location at the northeast corner of Hillsborough Avenue & Veterans Expressway, the pro-business Hillsborough County government, a booming local, state and national economy along with the Cushman Wakefield Tampa industrial team of Julia Silva, SIOR, John Jackson and Jessica Mizrahi. Keating gutted the 55-year-old buildings to the concrete floors, concrete walls and steel roof joists, rebuilding to 2018 standards.
Keating said he is investing 100% of the profit and much more back into Hillsborough County through a new Class A LEED certified, 32′ interior clear height, 179,000 sf, up to six tenant, $15 million speculative distribution center currently under construction at 3301 East Clark Street adjacent to Ybor City and two 28’ interior clear height dc’s totaling 201,873 sf located at 5300 East Adamo Drive which he and partners bought this month. “Tampa is the best value in the U.S.A!”