Boston real estate firm enters market with a $29M deal in Largo

GID Urban Logistics has bought the Bryan Dairy East Business Park, a five-building, 281,214-square-foot light industrial park in Largo.

GID, under the name ULF Bryan Dairy LLC, paid $29.4 million for the property, according to a deed filed Wednesday with Pinellas County.

The seller was 7300 Bryan Dairy Industrial LLC, which shares the same Miami address as LNR Partners Inc., a special servicing platform for Starwood Property Trust (NYSE: STWD). 7300 Bryan Dairy Industrial bought the property for $19.3 million in 2017, Pinellas County property records show.

It’s the first acquisition in the Tampa-St. Petersburg-Clearwater metro area for GID Urban Logistics, a real estate developer, investor and operator based in Boston. It’s also the company’s first transaction in Florida’s industrial market.

“We are excited about our entrance into Pinellas County due to its high density, and the overall Tampa-St. Petersburg market because of its high growth,” Rene Circ, managing director of GID Urban Logistics, said in a news release. “The four infill class-A, functionally-superior light industrial assets are among the highest quality buildings in the submarket.”