Largo art supply warehouse complex sells for over $9M

A 103,494-square-foot Largo complex, home to art supply company Cousin Corporation of America, has exchanged hands in a $9.27 million deal. 

An entity connected to New Jersey-based The STRO Companies acquired the site at 12333 Enterprise Blvd., which has three one-story buildings.

Cousin Corporation President Denny King said the family-owned company will continue to stay in business at the site. 

“The opportunity came up for a sale-leaseback,” King said. He explained the company’s executives wanted to take advantage of the lucrative real estate market, as industrial properties are increasing in value. 

He didn’t disclose the terms of the lease. 

The Cousin Corporation business has been operating at the site for over 50 years. In 1970, under the Enterprise Art name, it was a retail craft store. The company purchased the property in a $1.42 million deal in 1989. 

Cousin’s website states that as sales in crafts, floral, and home decor products boomed, a wholesale division was created and has since evolved and grown with the ever-changing industry into a full-service fashion company with two divisions: Cousin D.I.Y! and Laura Janelle.

Cousin’s products are found in major retail stores including Walmart, Michaels, JoAnn Fabric and Crafts, Hobby Lobby and Meije. They have also been featured in publications and fashion trade shows. 

The property purchase includes a 50,000-square-foot warehouse built in 1979, a 47,140-square-foot warehouse constructed in 2018 and another 6,340-square-foot building, which was built in 2004. 

The buyer took out an $8.146 million loan from Truist Bank for the purchase. 

The STRO Companies acquires under-performing commercial real estate properties. In the early 2000s, STRO was managing and leasing 500,000 square feet of primarily industrial properties in Northern New Jersey. 

Today, the company’s family office has a portfolio of over 40 buildings with a total value exceeding $1 billion. 

According to the company’s website, it still has a primary focus on investing in Northern New Jersey as well as Florida properties. The typical acquisition deals are north of $3 million.