River Bend Business Park

• TARPON SPRINGS LOCATION – Located in the Tampa MSA within Pinellas County, the most densely populated county in Florida, with roughly 118,000 residents and $87,683 average household income inside five miles. US Highway 19 provides direct north and south access to Pasco County and the balance of Pinellas, with Tampa approximately 29 miles east. Demand is anchored by the city’s working waterfront, sponge docks and marina economy, and the park leased to full occupancy with rental income up 29% from 2024 to 2025.
• NEW CLASS A CONSTRUCTION – Masonry construction with ±22 foot clear heights, and every unit delivering at least one oversized drive in door and a private bathroom. Most Tampa MSA shallow bay product was built in the 1970s and 1980s to 14 to 16 feet, so the clear height alone opens the tenant pool to racking, light manufacturing and equipment users that older buildings cannot serve.
• NEW CONSTRUCTION SHALLOW BAY – This is one of the only new construction shallow bay industrial offerings on the market in Florida. The portfolio consists of ±92,250 SF across four newly built metal and masonry buildings on ±5.82 acres, delivered with full facade improvements and no deferred maintenance for a new owner to absorb. Shallow bay accounts for roughly a third of existing industrial inventory but under 2% of the national construction pipeline, and Pinellas County is effectively built out with no meaningful industrial land remaining, leaving nearly all competing product in the Tampa MSA at 1970s and 1980s vintage.
• MARK TO MARKET OPPORTUNITY – In place base rents average $9.45/SF NNN against market rents of $15.00/SF NNN, leaving substantial room to grow income without capital investment. The park has never been professionally marketed for lease, and almost every unit was leased directly by ownership. A buyer with a professional process in place captures the spread on natural rollover. See the lease comparables on page 17.
• FAVORABLE LEASE STRUCTURE – All 36 leases run twelve-month terms carrying a minimum 5% annual increase and automatically renew at the seller’s discretion. Approximately 81,000 SF, or 88% of standing GLA, expires by August 2027, allowing a buyer to capture the full rent spread inside the first two years rather than waiting out long dated leases. Tenants pay their own utilities, interior maintenance and HVAC, and the form lease carries a personal guaranty.
• EXPANSION PAD INCLUDED – The 415 Brady Rd pad is ready for a fifth building matching the existing product, bringing the park to ±116,250 SF across 55 suites. Ownership estimates the build at $135/SF, or $3.24 million, well below current replacement cost for new shallow bay construction.
• DIVERSE TENANT BASE – The park is 98% leased across roughly 30 businesses with a single 1,500 SF unit available. The mix includes two cosmetics manufacturers, a brewer, an industrial equipment testing firm, a commercial laundry, a CNC shop, a vitamin manufacturer, and several marine and boat storage operators serving the Tarpon Springs working waterfront. Tenants signing leases at this unit size are widely considered essential and recession resistant businesses by investors in this space. The largest tenant occupies only 6,750 SF and pays 8% of base rent, so no single rollover carries material risk to cash flow.