• Year Built: 2008
2209 - 2327 South Dock Street is an industrial property for lease in Palmetto, FL.
Port Plaza is a uniquely positioned property with a great story and outstanding potential for capital appreciation given both the high barrier of entry and the favorable economics of developing seaport infrastructure assets.
The Port Plaza is a privately owned, 52,242 sf, near dock facility located just outside the port security gates at the entrance to Florida’s fourth largest deep water seaport and only 3 min. from the I-75/I-275 intersection. The facility has access to the port via a port owned road and is only is 3 min. from the docks at Port Manatee and 35 min from the docks of Port Tampa on Florida’s gulf coast. It is the closest U.S. seaport and warehouse facility to both the newly expanded Panama Canal and Cuba’s newest and largest cargo port at Muriel. On the distribution side, there is a consumer population of 8 million within a 2hr drive and 48 million within an 8hr drive from PMCC.
The building was constructed in 2008, with concrete block walls, standing seam galvalume roof, entirely clear span, 18-20 ft eave height, impact glass, aluminum shutters, both grade level and loading dock truck access, and 10 office/warehouse units ranging in size from 2,300 to 10,000 sf.
Port Plaza has a Dec. 2015 annualized NOI of $151,000, representing a 98% increase over 2013, by increasing both occupancy and lease rates. December 2015 occupancy is 88% with below market rental rates allowing a new owner significant immediate upside potential through both additional leasing and increasing existing lease rates. The leases have been kept on short term, roll-over leases to allow a new owner to take occupancy of any size unit for their own use or to continue to lease the units to the current or newly selected tenants.
•Rarely available for private ownership, seaport entrance, office/warehouse facility
•Opportunity for owner-occupancy of 2,000 SF to 10,000 SF office/showroom/warehouse or renew existing leases
•Purchase at a discount to replacement cost
•Benefit from the recovering Florida’s real estate market
•Below market rents affords the investor an upside on renewal rates in Florida’s tightening industrial space market, no in place, lease rate renewal options
•Small bay distribution space highly sought after in this sub-market
•49,200 SF newer, 10 unit flex space industrial building
•Corner site, U.S. 41 and the entrance to Port Manatee, just outside the security gates
•Over 270 ft. frontage on US 41
•3 miles, no traffic lights to I-75/I-275 interchange, 30 min to Tampa
•Convenient to Hillsborough, Pinellas, Manatee and Sarasota counties
•Located inside the Port Manatee Encouragement Zone
SITE & BUILDING SPECIFICATIONS
•49,200 SF on 2.57 Acres, FEMA Zone B
•Clear span, fire sprinklered, concrete block and pre-engineered steel construction (2008)
•10 units ranging in size from 2,300 SF to 10,800 SF
•70 parking spaces, front-load, 12’ x 14’ roll up doors, 2 truck loading docks
•300 – 3000 SF showroom/office in each unit
•18’ and 20’ clear span eave height
•Maintenance-free, standing seam Galvalume roof
•Each unit is pre-wired for Verizon phone and Brighthouse cable
•Monitored fire alarm/fire sprinkler, digital security cameras
•All windows are impact resistant glass with elec or manual aluminum shutters
•208v/480v electric service, 6” reinforced concrete slab, exhaust fans in each warehouse
•Well maintained facility with on-site ownership
•Florida is the third most populous state and the Tampa Bay region is one of the fastest growing areas in the country
•With almost 4 million people, the MSA is the second largest in the Southeast and the 18th largest in the U.S.
•Florida’s economic growth ranks fourth among the 50 U.S. states
•15 million people (75% of the state’s population) can be served with round trip same day service
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