GTIS Launches Tampa Industrial Project
Plans call for a new logistics facility in an Opportunity Zone.
GTIS Partners has acquired a 116-acre site in Tampa, Fla., for a new industrial development dubbed 4Ward Logistics Center. The company will develop a 382,500-square-foot Class A facility, with delivery slated for the second half of 2027. A sale price was not disclosed.
4Ward Logistics Center will include two rear-load distribution buildings. According to CommercialCafe, building one will span 204,000 square feet and building two will be 178,500 square feet, with each having around 50 dock high doors. Also, the buildings will include 32-foot clear heights and the ability to subdivide space to approximately 30,000 square feet.
“The infill East Tampa submarket is outperforming the overall Tampa market with attractive leasing demand and high barriers to entry that we feel provide the opportunity for outperformance in GTIS’ first investment in the Tampa industrial market,” Robert McCall, partner, head of U.S. industrial and Brazil acquisitions at GTIS Partners, told Commercial Property Executive.
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Located in a Qualified Opportunity Zone, the project was capitalized by the GTIS Opportunity Zone Fund II. The investment vehicle targets high-quality development opportunities in undercapitalized areas across the nation. It is the company’s 17th industrial investment.
The site is at 2998 N. 62nd St. GTIS chose this site due to its connectivity to Port Tampa Bay, which is within 5 miles, and its visibility along Interstate 4. Tampa International Airport is within 12 miles from the location. JLL will be handling leasing efforts for the development.
This is not the company’s first project of this kind in the Sun Belt. In January, GTIS partnered with Crescent Communities to build AXIAL Commerce Station in Huntersville, N.C. The joint venture acquired the nearly 49-acre site for $7.5 million with plans to develop a two-building, 465,036-square-foot industrial project.
Tampa’s softening industrial market
While demand persists in certain areas of Tampa, industrial vacancy across the broader Tampa Bay region rose 150 basis points over the past year, to 8.8 percent, according to a Savills report. New supply continues to hit the market as 7.4 million square feet were delivered last year, adding to the vacancy increase. The same report shows that development is slowing down, with 4.7 million under construction, down from its peak 12 million square feet in 2022.
Last August, Hazel Street Capital and CIP Real Estate forged a joint venture to build an industrial development in Tampa. The project includes three speculative buildings totaling 331,000 square feet. Earlier this month, Alterra IOS acquired five industrial outdoor storage facilities totaling 96,500 square feet. Two of the properties are in Orlando, Fla., while the other three are in Tampa.
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