Four-building industrial portfolio in Port Richey, Florida sells for $2.6M

Port Richey, Fla. (Feb. 2, 2017) – Colliers International Tampa Bay has handled the sale of a four-building industrial portfolio in Port Richey for $2.575 million. The portfolio totals 61,635 square feet and is single-tenant occupied by Seaway Plastics, a plastics injection mold company that works with original equipment manufacturers in such industries as medical, aerospace, military, food service, electronics and consumer products

Pat Marzulli, CCIM, SIOR, Managing Director of Industrial Services with Colliers International Tampa Bay, represented the seller in the transaction, SBBB Ltd. The buyer is AIC Income Fund Sherwin, LLC, a public REIT that invests in secondary and tertiary markets and owns properties in nearby Pinellas and Hillsborough counties.

The portfolio is located in west Pasco County and is about 30 minutes north of Clearwater and 45 minutes northwest of Tampa. Seaway Plastics has a 30-year history in the area and has a 10-year, triple-net lease with 8.5 years remaining.

The main building in the portfolio, with over 40,000 square feet of rentable space, is a state of the art manufacturing facility with 28-foot clear height, fire sprinkler systems, heavy electric power and high-powered air conditioning systems. The building was renovated in 2007 and provides close proximity to U.S. 19.

“This portfolio is located in a well-established industrial area on Florida’s Gulf Coast and is occupied by a stable, long-term tenant,” said Colliers’ Marzulli. “There’s still a strong demand for this type of investment opportunity, even in tertiary markets, and this sale is a prime example of that.”

The four buildings in the portfolio are located at 6006 Siesta Lane, 6034 Siesta Lane, 6045 Sherwin Drive and 6108 Sherwin Drive.

About Colliers International Group, Inc.

Colliers International Group Inc. (NASDAQ and TSX: CIGI) is an industry leading global real estate services company with more than 16,000 skilled professionals operating in 66 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting.

Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice that help clients accelerate their success. Colliers has been ranked among the top 100 outsourcing firms by the International Association of Outsourcing Professionals’ Global Outsourcing for 11 consecutive years, more than any other real estate services firm.

For the latest news from Colliers, visit Colliers.com or follow us on Twitter (@Colliers) and LinkedIn.