Pinellas Gateway Land Acquired for Industrial Use
St. Petersburg, FL – March 9, 2012 – (RealEstateRama) — CBRE brokered the purchase of a 96-acre vacant land parcel just north of Gandy Boulevard along I-275 by Great Bay Distributors for $9.75 million. CBRE Senior Associate Jarib Rodriguez and Senior Vice President John Jenkins marketed the site for sale and negotiated the transaction on behalf of the seller, BB&T Bank. BB&T acquired the asset through foreclosure in early 2011.
The site is one of very few vacant land parcels in Pinellas County with a large block of contiguous space available for development. The majority of land in Pinellas County that remains available for development is considered irregular shaped, limiting the opportunity for new construction with a sizeable footprint.
Great Bay Distributors, Inc. is one of Florida’s largest distributors of Anheuser-Busch products.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue). The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.
Marketing Director, FL
elizabeth.cross (at) cbre (dot) com
Communications & Media Manager, FL
lauren.crawford (at) cbre (dot) com