Bentzel Mechanical, a privately held mechanical contracting company, has purchased a 7,920-square-foot industrial property at 12001 31st Court N. in St. Petersburg to house their local operation. The purchase price was $850,000.
Oliver de la Croix-Vaubois, who recently joined the Colliers International Tampa Bay industrial team as an associate, represented the buyer. Ryan Wesner of Wesner Commercial Property Services represented the seller, United Fire Holdings, LLC.
"After leasing their current space for more than 25 years, Bentzel decided that the time was right to invest in commercial real estate," said de la Croix-Vaubois. "Property values in Pinellas County are steadily increasing due to a lack of developable land, making this a strategic decision for the company as they plan for future growth."
Bentzel Mechanical was previously leasing a 4,296-square-foot space in Bay Tec Center, located at 2880 Scherer Drive N in St. Petersburg. The company outgrew the space and began looking to purchase property earlier this year.
"With their current lease up at the end of November, it was important to close on a property as soon as possible so the company could relocate their operation," said de la Croix-Vaubois. "We were able to reach an agreement that worked for both parties and close on the property within days of their lease expiration."
The seller, United Fire Holdings, has relocated to 3247 Tech Drive.
About Colliers International Group Inc.
Colliers International (NASDAQ: CIGI) (TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, has delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management. To learn more about how we accelerate success visit corporate.colliers.com, Twitter: @Colliers or LinkedIn.
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December 31, 2019 at 01:51AM
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Bentzel Mechanical purchases 7,920-sqft industrial property - Patch.com
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