Cushman & Wakefield Completes Sale of 10-Acre Florida Land Site
Commercial real estate services firm Cushman & Wakefield has orchestrated the sale of a 10-acre site at Oak Street and Gandy Blvd. (Route 92) in St. Petersburg. The transaction was arranged by Bruce Erhardt of the firm's Tampa office on behalf of both the seller, REDUS Florida Land, and the buyer, Tampa-based developer Bayfair Development, LLC.
The long-vacant property is currently zoned for the construction of 150 multifamily condo or rental residential units. "The buyer plans to develop the site as zoned - with 150 rental units," said Erhardt. "This is a well-located Tampa Bay-area site that will bring much-needed residential housing to the marketplace."
New owner Bayfair has had a presence in the Tampa Bay market since 1989. The company's developments are located throughout premier neighborhoods in a region that encompasses Hillsborough, Pinellas and Pasco counties.
Cushman & Wakefield's industrial brokerage platform provides global resources and local expertise for tenant and landlord representation, disposition and acquisition services, transaction management, and industrial consulting including labor and demographic analysis. In 2012, in the U.S. alone, this group completed more than 7,000 industrial real estate transactions - totaling 261 million square feet - with an aggregate value in excess of $8.43 billion.