The Geneva Group, a leading real estate investment and property services firm, in partnership with Genet Property Group, expanded its operations when it closed on Executive Industrial Park located in the Westshore Industrial Market of Tampa, Florida.
This institutional grade asset is 201,620 SF and is comprised of seven buildings on over 15 acres. The group reported it intends on holding and managing the asset long term as they begin building their portfolio in the Tampa market.
According to company officials the two firms have significant market share of this asset class on the east coast and are extremely enthusiastic with the Tampa MSA.
"With assets already in Lakeland and Tampa, it's our focus to build economies of scale in the Tampa market," said Jarred Elmar, Managing Partner of the Geneva Group. He goes on to say, "Tampa has never seen a boom like they're experiencing right now and we want to be a part of it for decades to come."
"Tradesman are thriving, last mile distribution is the buzz phrase, and with little to no construction plans slated in the market for small bay projects, this is textbook supply and demand," says Elmar.
With the likes of Jeffrey Vinik, Owner of the Tampa Bay Lightning and Bill Gates investing billions in the Tampa market, Geneva and Genet aren't the only groups focused on this booming market.