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Larry Morgan

Compark 75 sold to Atlanta investors

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Compark 75, a Class A industrial park off Wesley Chapel Boulevard, is under new ownership, according to a news release from Cushman & Wakefield.

Rick Brugge, executive director of Cushman & Wakefield

The real estate services company negotiated the sale of five buildings at the park to MDH Atlantic Acquisitions LLC. The Atlanta-based real estate investment company has more than 11 million square feet of properties in the southeastern United States.

Rick Brugge, executive director of Cushman & Wakefield; Mike Davis, vice chairman; and Michael Lerner, executive director, negotiated the sale as part of Cushman & Wakefield’s Capital Markets team. They represented HR Pasco LLP, and closed the deal in November.

The sales price was not made available.

According to the news release, Compark 75 is the only Class A facility currently serving the northeast Tampa Bay area, including north Hillsborough and south Pasco counties.

“It tends to attract very good leases and a high quality of tenants,” said Brugge, president of Cushman & Wakefield.

Compark 75 has about 286,000 square feet in five small-bay, light industrial buildings.  The buildings are about 91 percent occupied, with about 26,000 square feet available for lease.

The space could be suitable for two to three new tenants, said Brugge.

Current tenants include the Pasco County Tax Collector, U.S. General Services Administration, Ortho Technology, Morgan Auto Group and Streetside Classics.

The 165-acre site is zoned industrial, and is suitable for warehouse, manufacturing and office uses. About 105 acres is a wetlands and conservation area.

The five buildings were built between 2007 and 2016, using “tilt-wall” construction, where concrete panels are poured on site and later tilted into place. Suites range from 3,300 square feet to more than 41,000 square feet. Features include rear-loading docks, 18-foot to 24-foot clear heights, early suppression fire sprinkler systems and 118-foot truck courts.

Compark 75 recently sold to an Atlanta-based investment company, MDH Atlantic Acquisitions LLC. The park has five industrial buildings that are close to fully occupied. (Courtesy of Cushman & Wakefield)

While the park is largely leased to tenants, two industrial condominiums under private business ownership are located at Compark 75. They weren’t included in the sale.

The Pet Lane mailing address for Compark 75 puts it in Lutz, but the 165-acre site is located off County Road 54 (Wesley Chapel Boulevard), about halfway between the interchanges of State Road 54 and State Road 56, with Interstate 75.

Suncoast Parkway is about 12 miles to the west. And, the Tampa Aero Park is on the park’s northern boundary.

The park provides diversity to the central Pasco area, which is booming with residential and retail development, such as The Shops at Wiregrass, Estancia, Bexley, and Tampa Premium Outlets.

In 2014 owner Larry Morgan launched a $15 million expansion of the privately-developed park. Morgan is the founder of Tires Plus, and his family-owned business has several automobile dealerships. Gov. Rick Scott attended the groundbreaking ceremony for the expansion.

The construction marked the first major investment in commercial office construction in Pasco County since the real estate crash in 2008.

Published January 10, 2018

Pasco is real estate ready

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The real estate market in Pasco County is thriving.

And, evidence of that was on display at “Meet the Developers: The Future of Real Estate.”

The annual breakfast meeting, hosted by the Pasco Economic Development Council, brought together developers, real estate brokers, investors and community leaders at the Residence Inn on March 2.

Four examples of Pasco’s current and future development initiatives were highlighted: Compark 75, Starkey Ranch, Connected City and the Duke Energy Site Readiness Program.

Compark 75 defied conventional wisdom that building on speculation in the midst of an economic meltdown would be a bad idea. The initial developer in 2008 abandoned the project.

Tom Ryan, economic development manager for Pasco Economic Development Council, standing by the podium, moderated a panel on the future of real estate in Pasco County. On the panel, from left, were: Danielle Ruiz, economic development manager for Duke Energy; Kartik Goyani, vice president of operations for Metro Development; Heidi Tuttle-Beisner, broker with Commercial Asset Partners Realty; and Matt Call, project director for Starkey Ranch/Wheelock Communities. (Kathy Steele/Staff Photo)
Tom Ryan, economic development manager for Pasco Economic Development Council, standing by the podium, moderated a panel on the future of real estate in Pasco County.
On the panel, from left, were: Danielle Ruiz, economic development manager for Duke Energy; Kartik Goyani, vice president of operations for Metro Development; Heidi Tuttle-Beisner, broker with Commercial Asset Partners Realty; and Matt Call, project director for Starkey Ranch/Wheelock Communities.
(Kathy Steele/Staff Photo)

But, Larry Morgan of HR Pasco LLC, and Ross Kirk, of KVR Development LLC, joined forces as owner and developer, respectively, to take on the challenge.

The industrial park is next to Interstate 75, about halfway between State Road 54 and State Road 56 interchanges. Suncoast Parkway is 12 miles to the west. The Tampa North Aero Park is along Compark 75’s northern boundary.

In 2014, a $15 million expansion of the industrial park broke ground. It was the first major investment in commercial office construction in Florida since the 2008 recession.

More expansion is under way, with the ongoing construction of a new 65,000-square-foot building. It will be the fifth building at the 165-acre site.

Every building has gone vertical without signed tenants. But, the park is nearly filled to 100 percent capacity. Plans also are  are under way for a new building that can be designed as a multistory office, or built-out for light industrial or manufacturing.

“As fast as we can build them, we are finding quality companies to go in them,” said Heidi Tuttle-Beisner, a broker with Commercial Asset Partners Realty who handles leasing for the park.

Starkey Ranch is a master-planned community of more than 5,500 homes under development by Wheelock Communities in Odessa, off State Road 54.

Groundbreaking on the first model homes took place in 2014. Homes are now selling in Whitfield Park. The welcome center opened in spring. And, Taylor Morrison anticipates a grand opening in April for its model home center for the Esplanade subdivision at Starkey Ranch.

The interest in the ranch is evident in the 2,400 visitors on average who click onto the community’s website each week, said Matt Call, project director for Starkey Ranch/Wheelock Communities.

Interest also is high on the proposed business park and retail sites planned at State Road 54 and Gunn Highway.

Call said announcements would be made on an anchor grocery store, likely in June. And, an apartment complex also is coming at that location, with an announcement expected soon.

“We’ve had a lot of interest in this opportunity,” Call said.

A one-of-a-kind gigabit community and a crystal lagoon are the centerpiece attractions for Metro Development’s “connected city” corridor.

State lawmakers created a special development district for about 7,800 acres in central and eastern Pasco County as a 10-year pilot program. Interstate 75, State Road 52, Curley Road and Overpass Road border the district. Development in the district will be able to bypass the typical state reviews in favor of local control in the hands of Pasco County commissioners.

Metro Development is developing master-planned communities on the former Epperson Ranch within the special district. One town center feature will be a 7-acre man-made swimming pool, known as a crystal lagoon.

“We want that to be integrated into the community,” said Kartik Goyani, vice president of operations for Metro Development.

But, Metro Development also will create the first planned gigabit community, or Connected City, in the nation. Residents and business owners will live, work and play in an environment linked by Ultra Fi, a broadband system with speeds so fast that photos can be downloaded in seconds, not minutes.

Assistance in its development will come from US Ignite, a nonprofit group founded by the White House Office of Science and Technology Policy and the National Science Foundation.

Future development on property adjacent to Zephyrhills Municipal Airport is getting a boost from Duke Energy through the Duke Energy Site Readiness Program.

In 2015, Duke Energy representatives worked with the city of Zephyrhills on a study of about 440 undeveloped acres around the airport.

The site is centrally located in Florida, and is in proximity to such highways as State Road 54, I-75 and Interstate 4. In addition, there is the bonus of a CSX rail line in the area.

Duke Energy has reviewed nearly 190 sites in six states in the southeast during the past 10 years.

Information from these reviews serves as a guide for local communities that want to create pad-ready sites for development.

One obstacle is expansion of the site’s wastewater capacity at an estimated cost of $1.7 million, said Danielle Ruiz, economic development manager for Duke Energy.

However, she said tax revenues from the Penny for Pasco program could provide funds for this project.

Pasco County recently launched a revolving loan program, with up to $15 million available to make sites pad-ready or to build shell buildings for potential industrial, manufacturing or flex-space. The deadline to submit proposals to the county is April 11.

Published March 9, 2016

Compark 75 plans expansion in 2016

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Compark 75 is growing again.

The industrial park, off Wesley Chapel Boulevard, will add a new 65,000-square-foot building to four buildings that are already leased almost to capacity.

The permitting process for the new structure is under way, with construction set for 2016.

Compark 75, which is next to the Tampa North Aero Park and visible to motorists on Interstate 75, has found ways to attract new tenants. It is getting ready to expand again, with a 65,000-square-foot building expected to begin construction in 2016. (File Photo)
Compark 75, which is next to the Tampa North Aero Park and visible to motorists on Interstate 75, has found ways to attract new tenants. It is getting ready to expand again, with a 65,000-square-foot building expected to begin construction in 2016.
(File Photo)

No tenant has signed on yet, but that’s typical for an industrial park that, from the start, has proved that location and the right market conditions will produce results.

“All of our tenants have come after the building was built,” said Heidi Tuttle-Beisner of Commercial Asset Partners Realty, an agent for the property. “They feel confident in the level of activity.”

In October, Compark 75 will welcome two new tenants.

Streetside Classics Cars specializes in the consignment, purchase and sale of classic and collectible cars. Compark 75 is its fourth showroom. Other locations are in Charlotte, Dallas/Fort Worth and Atlanta.

An orthodontics distribution company also will relocate from Tampa into about 41,000 square feet of space at Compark 75.

The company name has not been announced, but Tuttle-Beisner said, “It’s a high-end, incredible company.”

The office park is strategically located next to Interstate 75 about halfway between the State Road 54 and State Road 56 interchanges.

Suncoast Parkway is 12 miles to the west. The Tampa North Aero Park is along the park’s northern boundary.

A $15 million expansion of Compark 75 broke ground in 2014. It was the first major investment in commercial office construction in Pasco County since the recession.

Ross Kirk, owner of KVR Development LLC, handles the development and design of the park. Larry Morgan, president of HR Pasco LLP, owns the park.

“It’s a collaborative effort,” Tuttle-Beisner said.

The 165-acre site is zoned light industrial and can accommodate warehouse, manufacturing and office uses. About 105 acres is wetlands, which will not be developed.

“It will remain the greenest industrial park in the Tampa Bay area,” she said.

Among tenants at the park are the Pasco County Tax Collector’s office and the U.S. Geological Survey Florida Water Science Center.

Nearly two years ago, J.T.D. Enterprises relocated from Michigan to Compark 75. The company manufactures tubular fabrications and assemblies used in products such as golf ball retrievers and flagpoles. Its products also are applicable to defense technologies.

Companies attracted to Compark 75 generally are looking to expand in locations that offer easy access to the interstate system, and they find that in Pasco, Tuttle-Beisner said.

The area’s attractiveness also is being helped by retail development along the State Road 54 and State Road 56 corridors.

The Shops at Wiregrass and the soon-to-open Tampa Premium Outlets are adding amenities and jobs to the area. But Tuttle-Beisner noted: “All the jobs can’t be retail.”

Compark 75 is helping diversify Pasco’s economy by bringing manufacturing and distribution companies into the mix.

“There is nothing else out there like this,” Tuttle-Beisner said.

Published July 29, 2015

Latest industrial construction to boost area jobs profile

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Central Pasco County continues its bid to become the high-technology hub of the Tampa Bay region with the start of a 135,000-square-foot office center at ComPark 75. And last week, development owner Larry Morgan welcomed Gov. Rick Scott and other dignitaries for a ceremonial groundbreaking at his latest $15 million effort.

Larry Morgan, center, chief executive of Morgan Family Ventures, stands with Gov. Rick Scott, left, and Ross Kirk, executive managing director of Cassidy Turley, in front of Building C at ComPark in Lutz. Lawmakers labeled the construction off Wesley Chapel Boulevard the first major commercial construction in Pasco County since the start of the economic recession. (Photo by Michael Hinman)
Larry Morgan, center, chief executive of Morgan Family Ventures, stands with Gov. Rick Scott, left, and Ross Kirk, executive managing director of Cassidy Turley, in front of Building C at ComPark in Lutz. Lawmakers labeled the construction off Wesley Chapel Boulevard the first major commercial construction in Pasco County since the start of the economic recession. (Photo by Michael Hinman)

“There is something else much more important going on here than just the construction of these buildings,” Morgan, chief executive of Morgan Family Ventures and former owner of Tires Plus, told the crowd outside of his Building C on the chilly, damp morning. “The American way is for the people to have the opportunity to invest their money and time and things of that nature, and that entrepreneurial spirit certainly exists here at ComPark.”

The walls for Building C are already up, with the larger Building D planned to be built not far behind it on Pet Lane. Both buildings will offer more than 30 office units ranging in size from 3,030 square feet to 5,175 square feet. Three of the units in Building C have already been leased, including the Pasco County Tax Collector’s office, which signed on after a Wesley Chapel location at The Grove fell through.

Getting the building off the ground required more than 30 permits, but the bureaucratic red tape has not been as restrictive as it once was, Morgan said. The county has come a long way.

“I have been a critic of regulation my whole business life, but things are definitely getting better in Pasco,” he said. “The whole county organization is getting better.”

The construction project has employed nearly 600 people, and will create more than 250 jobs once the units start filling up. Many of those jobs, Morgan said, would be high-waged.

And that could give a local boost to Scott, who is facing a tough re-election this year potentially against his predecessor, Charlie Crist, and working to raise what has been consistently low approval ratings.

“We all care about what happens to you,” Scott said. “We want jobs. The most important thing we can do is create an environment that will get to work.”

Sen. John Legg, R-Lutz, says he can only see growth in Wesley Chapel’s future thanks to projects like ComPark.

“Wesley Chapel is the hotbed of economic opportunities in the state of Florida,” he said, adding that government can help developers by getting “out of the way.”

“It’s an honor to get out of your way and let you do your job,” Legg said.

ComPark 75 is 60 acres of developable land just off Wesley Chapel Boulevard to the west of Tampa North Aero Park.

Only three units remain available in the first phase of ComPark’s construction of two nearby buildings that total a little more than 100,000 square feet. Morgan also hopes to build a four-story office building on the eastern side of the property fronting Interstate 75.

New State Rep. Amanda Murphy, who succeeded Mike Fasano in the Florida Legislature, was the only Democratic lawmaker on hand at the ceremony. She said the ComPark project would help the entire county, although she did wish it was in her district.

“I am a little jealous because the other side of the county doesn’t get something as wonderful and beautiful as this,” said Murphy, who is based in New Port Richey. “But it benefits all of Pasco County, and that’s what it’s all about.”

Published Feb. 5, 2014