Treme-Parker is pleased to present a $5.2M JV equity opportunity for the construction of a 67,502 square foot, fourteen unit small-bay industrial development on 4.85 net buildable acres within an institutionally owned and tenanted industrial park at the geographic center of Pinellas County, Florida. The encompassing institutional-quality industrial tenant and ownership roster reflects the strength of the submarket. Notable occupants include Amazon, FedEx, Lockheed Martin, and Cintas; ownership groups include EQT Exeter, One Liberty REIT, Stonemont, Ivanhoe Cambridge, and Greystar. The site offers direct access to I-275, Highway 694, and U.S. Route 19, enabling efficient distribution throughout the Tampa Bay region. The $5,802,514 total equity position against a $16,566,673 total capitalization, will stand alongside a construction facility sized at sixty-five percent of cost. The land is under contract on an off-market basis, entitlements are substantially complete, and the project is positioned to break ground in the first quarter of 2027 with a targeted disposition thirty-four months from the land closing.

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The thesis is arithmetic before it is narrative. The project converts land acquired at $597,938 per acre into stabilized industrial cash flow at a 7.41 percent untrended yield on cost, in a submarket where comparable product clears at a six percent capitalization rate and where the most recent trade of newly constructed small-bay product cleared at four percent. That 141 basis point development spread, widening to 178 basis points on the trended sale year, is the entire engine of the return. It requires no capitalization rate compression; the exit is held flat at six percent from execution through disposition. It requires no heroic rent growth; the underwritten rent sits within the observed comparable band. Held constant, the spread produces $3,904,917 of value creation over basis, a twenty-four percent premium of stabilized value to cost, and it is created at acquisition rather than assumed at exit.

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The supply argument is unusually clean. Pinellas County is the most densely populated county in Florida, its industrial land is effectively built out, and every new square foot of inventory must displace an existing use rather than rise from a greenfield site. Submarket vacancy runs between four and five percent. No small-bay industrial delivered in the most recent quarter, and no small-bay deliveries stand in the construction pipeline. Scarcity here is structural rather than cyclical: the constraint is dirt, and dirt in Pinellas is not being manufactured. A developer holding permitted, fully improved land in this market does not compete on price; he competes against the absence of alternatives.