Green Courte Partners Expands Portfolio with New Acquisition
Green Courte Partners, LLC, a well-known private equity real estate investment firm, has made an exciting new acquisition of an industrial outdoor storage (IOS) property. This latest investment reflects their ongoing commitment to building high-quality, niche-focused real estate ventures. The firm has successfully acquired a 32-acre property located at 1650 Hemlock Street, enhancing its presence in the industrial sector.
Details of the Acquisition
Located conveniently within the industrial submarket of East Tampa, the property is well-situated adjacent to Port Tampa Bay, a major advantage for logistical operations. This strategic location positions Green Courte to take advantage of the increasing demand for industrial outdoor storage solutions in the region. The acquisition not only adds to the firm’s portfolio but also presents a significant opportunity for growth and redevelopment.
Leasing and Redevelopment Plans
The seller of the property, Hendry Marine Industries, Inc., has agreed to lease back a portion of the site. This includes access to 1,600 linear feet of marine bulkhead. With the leaseback arrangement in place, Hendry Marine Industries and its partner, Moran Environmental Recovery, LLC, will occupy approximately half of the site for their operational needs. Meanwhile, Green Courte plans to redevelop the remaining 16 acres into high-demand IOS space, catering to various potential customers.
Strategic Importance of the Location
According to Jordan Kerger, Managing Director at Green Courte, the acquisition of 1650 Hemlock Street is a strategic move designed to meet the needs of diverse IOS users. The existing long-term income coupled with potential for redevelopment presents a unique combination that aligns perfectly with their long-term investment strategy. The property’s direct waterfront access, heavy-industrial zoning, and closeness to both port and rail facilities enhance its attractiveness and usability for a wide range of industrial operations.
Commitment to Strong Partnerships
Mike Hendry from Hendry Marine Industries expressed gratitude for Green Courte’s professionalism throughout the deal. Their collaborative approach throughout the complex transaction has fostered a positive relationship, ensuring that the property will remain a vital part of their operations in the region. Hendry expressed excitement for the partnership and for maintaining 1650 Hemlock Street as a key location for their business needs.
About Green Courte Partners
Green Courte Partners, LLC operates from its headquarters in Chicago and focuses on constructing industry-leading companies within niche real estate sectors. The firm emphasizes active investments in areas including active-adult living, land-lease communities, industrial outdoor storage, and airport parking facilities. Their disciplined approach to transaction execution and asset management aims to yield attractive risk-adjusted returns over an extended holding period. The firm’s commitment to building high-quality, sustainable assets distinguishes them in the competitive real estate landscape.
For inquiries related to leasing space at 1650 Hemlock Street, interested parties can reach out to Brad Hutton at Franklin Street. They can be contacted by phone at (813) 793-8492 for further details.
Frequently Asked Questions
What is the significance of the acquisition by Green Courte Partners?
This acquisition enhances Green Courte Partners' industrial portfolio and allows for redevelopment in response to increasing demand for industrial outdoor storage.
How large is the newly acquired property?
The property covers an area of 32 acres, strategically located to serve various industrial operations.
Who will occupy the property alongside Green Courte?
Hendry Marine Industries and Moran Environmental Recovery, LLC, will occupy approximately half of the site under a leaseback agreement.
What are the planned improvements for the site?
Green Courte plans to redevelop 16 acres of the site into new IOS space, catering to a wide range of industrial users.
What is the core business focus of Green Courte Partners?
Green Courte focuses on building strong investments in niche real estate sectors such as active-adult living and industrial outdoor storage to generate long-term returns.
