Thor Equities Group Acquires $37M Industrial Portfolio in Tampa

Tampa’s growing industrial market as sales activity has surged in recent quarters this year due to population growth and tight market conditions. 

That’s according to a 2022 Tampa-St Petersburg Industrial Investment Forecast report by Marcus & Millichap, which says investors are optimistic about Tampa’s future as the annual deal flow reached a 20-year high in 2021.

The report says investors are trading pre-1990-constructed warehouses and distribution properties most often in Tampa, with cap rates averaging in the high-5 percent range.

Thor Equities Group, a real estate development, leasing, and management firm has acquired a 13-asset portfolio for $37 million in the Westshore-Airport and Eastside Tampa submarkets. 

The portfolio consists of 402,000 square feet across all of the assets ranging from 5,500 square feet to 78,7000 square feet. The location of infill locations allows users to serve about 20 million consumers within a 200-mile radius.

The report predicts that cargo volumes at the Port of Tampa will remind elevated throughout the year which will keep demand high for warehouse space. Over the past year, online retailers, logistics companies, and suppliers absorbed 6.5 million square feet of space which took 200 basis points off the market’s vacancy rate.

Right now, Thor’s portfolio is 98% leased to 34 tenants including Thermotech Enterprises, an energy recovery wheels manufacturer and installer, Superior Pool Products, a wholesale distributor of swimming pool equipment, parts, and supplies, and companies that specialize in sectors including shipping, auto repair, water filtration, and beverage products.

Joe Sitt, Chairman of Thor Equities Group says Tampa is quickly establishing itself as a leading industrial hub in the Southeast.

“As the migration to Florida surges, this acquisition is fitting with our strategy to invest in well-located assets with accessibility to growing populations. We remain focused on the industrial sector and look forward to uncovering similar opportunities in dynamic locations globally” said Sitt in a press release.

 For Sitt, the acquisition represents the company’s goal of building a large portfolio in key markets around the country. Other markets Thor has an industrial portfolio include California, Georgia, Texas, New Jersey, Pennsylvania, and Illinois.

 In July, Thor acquired a premier cold-storage warehouse in Los Angeles leased to Anheuser Busch and a portfolio in Savannah, the third investment in the state of Georgia in the last nine months. Thor also recently sold assets across Spain, France, and the Netherlands, and is a Spanish logistics portfolio.

With employment in Tampa up 4.5%, and as the demand for supply continues to stimulate rent growth, the report predicts the average asking rate will rise to $7.65 per square foot this year. coupled with strong space demand, continues to stimulate rent growth. The average asking rate will rise to $7.65 per square foot this year.