JLL Arranges $23.15M Acquisition Financing for Tampa Small Bay Industrial Portfolio in Joint Venture Between East Capital Partners and Westport Capital Partners
JLL Capital Markets has arranged $23.15 million in acquisition financing for the off-market purchase of the Tampa Small Bay Industrial Portfolio, a three-building, 169,055-square-foot industrial asset spanning two of Tampa's most established industrial submarkets. GID Credit provided the loan to a joint venture formed by East Capital Partners and Westport Capital Partners.
Deal Structure and Property Details
The portfolio comprises properties at 5501 Pioneer Park Boulevard, 5519 Pioneer Park Boulevard — both in the Tampa Airport submarket — and 9704 Solar Drive in the Tampa East submarket. The three buildings feature a mix of office and warehouse space with clear heights ranging from 18 to 22 feet, 25 dock-high doors, six drive-in doors, three-phase heavy power, and concrete block and concrete tilt-up construction.
At the time of acquisition, the portfolio was 90% occupied by 11 tenants across various industries, with an average suite size suited to small bay industrial users. The properties provide direct access to Interstate 275, Interstate 4, and Interstate 75, connecting tenants to downtown Tampa, Tampa International Airport, Port Tampa Bay, and Tampa's CSX Intermodal Terminal. The portfolio's location places it within a 90-minute drive of more than 6.5 million consumers.
JLL worked on behalf of the borrower joint venture to secure the financing. The JLL Capital Markets team was led by Senior Managing Director Melissa Rose and Analyst Aaliyah St. Louis.
Value-Add Thesis in Supply-Constrained Submarkets
East Capital Partners and Westport Capital Partners are pursuing a value-add investment strategy with the acquisition. The Tampa Airport and Tampa East submarkets maintain limited vacancy for small bay product, and new industrial development in the broader region has been concentrated in larger bulk distribution facilities in outlying areas, leaving infill small bay stock scarce.
"This portfolio represents an attractive value-add opportunity in two of Tampa's most supply-constrained industrial submarkets, where small bay vacancy continues to significantly outperform bulk industrial product," Rose said. "The sponsor's demonstrated expertise leasing and managing multi-tenant industrial assets, evidenced by strong renewal rates and rent growth across their existing portfolio, gave lenders confidence in the business plan execution."
The limited supply of infill small bay space near Tampa's population core underpins the acquisition rationale. Demand from service providers, last-mile logistics operators, building trades, and small manufacturers has intersected with an older, geographically constrained stock that is difficult to replicate at small footprints given current land and construction costs.
Sponsor and Lender Profiles
East Capital Partners is a privately owned real estate investment firm focused on off-market institutional commercial real estate and development opportunities across the Eastern United States. The firm's leadership team has invested more than $7 billion across major property types and the capital stack, deploying capital on behalf of its own balance sheet, institutional clients — including pension funds, sovereign wealth funds, endowments, and foundations — as well as high-net-worth individuals. East Capital Partners' value-creation strategies span operational improvements, leasing, renovations, repositioning, adaptive reuse, and ground-up development.
Westport Capital Partners is an alternative real estate investment firm managing approximately $8.2 billion in assets as of March 31, 2026. The firm, with offices in Darien, Connecticut and Los Angeles, California, focuses on identifying underperforming or specialized real estate opportunities across a diversified geographic portfolio.
GID Credit, the lending arm of GID, provided the acquisition financing. GID is a privately held, vertically integrated real estate company that owns, operates, and manages a portfolio of multifamily and industrial assets and operates a credit platform providing commercial real estate debt solutions for institutional borrowers. As of March 31, 2026, GID owns and manages $32.8 billion in assets under management across more than 57,000 apartment units and more than 28 million square feet of industrial and commercial space, with corporate offices in Atlanta, Boston, Dallas, Dubai, New York, San Francisco, and West Palm Beach.
Market Context: Tampa Industrial Fundamentals
The Tampa Bay region's population growth and infrastructure connectivity have supported sustained demand for industrial space across the market. The portfolio's access to three major interstates and proximity to Tampa International Airport, Port Tampa Bay, and the CSX Intermodal Terminal positions its tenants within a key regional logistics network serving Central and West Florida.
JLL's Capital Markets group operates globally with more than 3,000 specialists in offices across nearly 50 countries, providing debt advisory, investment sales, equity and fund placement, and related capital solutions to real estate investors and occupiers. JLL (NYSE: JLL) reported annual revenue of $26.1 billion and a global workforce of more than 113,000 as of March 31, 2026.
Sources: JLL Newsroom, July 22, 2026