The Opportunity
1650 Hemlock Street is a 32-acre maritime-focused industrial outdoor storage (IOS) asset located in Tampa, Florida, within the infill East Tampa industrial submarket and adjacent to Port Tampa Bay. The property features over 1,600 linear feet of marine bulkhead along Sparkman Channel—a primary deepwater shipping channel with depths exceeding 40 feet—and is one of the largest privately owned industrial assets on the port peninsula.
The site’s direct waterfront access, heavy-industrial zoning, and connectivity to port and rail infrastructure make it a rare irreplaceable asset in a highly supply-constrained market where much of the surrounding land is controlled by Port Tampa Bay.
The seller, a longstanding provider of repair and modification services for large oceangoing vessels, including U.S. Coast Guard ships, tankers, tugs, barges, and dredges, had occupied the site for decades. While a significant portion of the property remains critical to the seller’s operations, approximately half of the site was underutilized and presented a compelling redevelopment opportunity. Green Courte structured the acquisition to support the seller’s long-term occupancy needs post-transaction while allowing Green Courte to unlock value from the excess land.
In 2025, Green Courte acquired the property subject to a long-term lease from the seller covering approximately 16 acres, providing Green Courte with stable in-place income from a creditworthy tenant for half of the property while allowing it to retain flexibility to reposition the remaining acreage to meet the needs of a wide range of IOS users.
The Transformation
Green Courte is redeveloping approximately 16 acres of the property into a Class A IOS facility that will feature upgraded site surfacing, lighting, fencing, drainage, and security infrastructure. The team is working closely with potential tenants, the City of Tampa, and Port Tampa Bay to deliver a highly functional site that is well-positioned to serve the unique needs of port-oriented users.
Leasing efforts will focus on tenants with port-related uses (e.g., cargo handling, equipment storage, and logistics staging) in addition to traditional IOS tenants.
