Bromley Companies, the developer behind Midtown Tampa, acquired a 200,000-square-foot industrial complex in Clearwater for $23.5 million as it expands its Florida industrial portfolio.
The deal is Bromley Industrial Partners’ largest Tampa Bay acquisition to date and continues the company’s push into infill industrial properties serving last-mile distribution, local manufacturing and essential service businesses.
Bromley said it is pursuing acquisitions across Tampa Bay, Orlando, Jacksonville and South Florida as it builds a portfolio of 20 to 30 industrial assets.
The acquisition includes two fully occupied buildings at 14450 and 14480 62nd Street North in Clearwater, which Blue Steel Development sold with financing from BankUnited.
The Clearwater complex houses manufacturing, telecommunications, construction and distribution tenants that depend on proximity to customers, infrastructure and labor pools.
Industrial investors increasingly favor smaller urban warehouse and flex properties in land-constrained markets where developers struggle to add new supply. In Pinellas County, limited industrial land and rising construction costs continue pushing tenants and investors toward existing buildings near ports, highways and population centers.
Investors continue targeting Pinellas County industrial properties because vacancy remains tight and redevelopment opportunities are limited. Bromley cited local industrial vacancy near 5.1%, with average triple-net rents around $11 per square foot.
“Florida continues to stand out as one of the country’s strongest industrial markets because of its population growth, infrastructure investment and long-term economic expansion,” Nicholas Haines, CEO of Bromley Industrial Partners, said in a statement. “Clearwater is exactly the type of submarket we’re targeting: dense, supply-constrained, and serving tenants whose operations are tied to location.”
Bromley launched the industrial platform to expand beyond the mixed-use and office developments that built the company’s reputation. In Tampa Bay, the company is best known as the master developer behind Midtown Tampa, the $1 billion mixed-use district connecting the Westshore and downtown corridors with 1.8 million square feet of retail, residential, hospitality and Class A office space.
The strategy also builds on Bromley’s earlier ownership and operation of a Haines City-based pallet recycling business with operations that spanned more than 40 industrial properties throughout the Southeast. Company executives said that experience shaped the firm’s focus on functional Class B and Class C properties occupied by long-term tenants.
Bromley is targeting acquisitions between $5 million and $25 million near ports, airports and major highway corridors. The company’s broader portfolio also includes properties in Greenville, South Carolina and Atlanta.
“We have several additional properties currently under LOI, and we are moving aggressively to grow our footprint while remaining disciplined in our acquisition strategy,” Neal McGraw, COO and CFO of Bromley Industrial Partners, said in a statement.
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