Creation, a national real estate development firm with $4.4 billion in active projects, has officially entered the Florida market with two Tampa acquisitions, totaling nearly $135 million in value, and a new East Coast headquarters in Hyde Park.
The Phoenix- and Dallas-based firm’s first move in the state includes the acquisition of a 20-acre site on W. Idlewild Avenue, near Tampa International Airport, in partnership with Clarion Partners. The $30 million deal includes two office buildings, totaling 176,000 square feet. Plans are underway to redevelop the property into a $75 million, 300,000-square-foot logistics campus with three new buildings. Full redevelopment plans are expected in the coming months, according to a statement.
A second project in the works, currently under contract, is a vacant site in East Tampa. In partnership with PCCP, Creation plans to develop the parcel into a $60 million logistics park with three buildings.
Creation co-founder Bob Agahi, now based in Florida, said Tampa’s strategic location and market fundamentals made it a natural first step.
The company’s new East Coast office is located at 442 W. Kennedy Blvd. and will be led by East Coast Principal Luke Georgiadis. It will serve as the operational hub for Creation’s expansion throughout the state and region.