Hazel Street Capital, CIP Real Estate Forge Industrial JV

Hazel Street Capital and CIP Real Estate have teamed up for the development of a 331,000-square-foot infill industrial project in Tampa, Fla.

JLL represented Hazel in the capitalization process and arranged the construction financing on behalf of CIP, which purchased the 26-acre development site. Scannell Properties previously owned it, according to Yardi Research Data.

Construction already kicked off last month at 3600 Causeway Blvd., about 4 miles southeast of downtown Tampa and Interstate 275. The Tampa Port Authority operates more than 1 mile away.

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The project will consist of three speculative buildings measuring 142,000, 110,000 and 79,000 square feet. The largest of the trio will have a rear-load configuration, while the smallest shallow-bay warehouse will have separate auto access.

JLL Managing Director Cody Brais, together with Senior Managing Director Luis Castillo and Associate Taylor Osborne, as well as Analyst David Orta, led the capitalization efforts. JLL Senior Director Peter Thompson, in addition to Associate Kyle White and Analyst Nick Englhard, secured the financing.

CIP Real Estate focuses on the acquisition, development and repositioning of industrial parks. Since its inception in 1995, the company has closed more than $2.5 billion in transactions and now owns and manages upward of 10 million square feet. Hazel Street develops and acquires shallow-bay industrial facilities, eyeing major Florida markets.

Tampa industrial pipeline remains steady

Greater Tampa’s industrial pipeline comprised some 3.3 million square feet of product underway as of June, according to a Yardi Matrix report. That accounted for 1.2 percent of stock, 50 basis points below the national average.

In April, McCraney Property Co. secured a $25.8 million construction loan for the 299,030-square-foot first phase of an industrial project within the market. The month before, Altman Logistics Properties and FRP Development Corp. obtained a $16 million note for another 202,000-square-foot development in the metro.