The Real Deal Miami

Industrial building in Clearwater sells for $66 psf

Cabot Properties paid $3.8 million for the single-tenant property near Interstate 275

July 17, 2016 01:00PM

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11500 47 Street North, Clearwater

11500 47 Street North, Clearwater

Cabot Properties bought a single-tenant industrial building in Clearwater for $3.8 million, or $66 per square foot.

Commercial real estate brokerage Stan Johnson Company handled the sale of the building, which houses the headquarters and sole manufacturing facility of Kemco Systems, a  designer and manufacturer of integrated water and energy systems.

Kemco still has 10 years remaining on its lease. The 57,000-square-foot building is located in Clearwater at 11500 47 Street North, near Interstate 275.

Stan Johnson Company said in a press release that west Central Florida’s industrial resurgence continues to support a low industrial-space vacancy rate.

Pinellas County, where Clearwater is located, has 51 million square feet of industrial space and a 5.5 percent vacancy rate, the brokerage firm reported.

Camille Renshaw and Chris Guida of Stan Johnson Company represented the previous owner in the sale of the Kemco building to Cabot Properties, an institutional property investor.

“The ten years of remaining lease term attracted a large swath of private and institutional buyers,” Renshaw, senior director of Stan Johnson Company’s New York City office, said in a written statement. “The buyer demand for the deal was incredible.”