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Single-Tenant, 237K-SF Industrial Building Sells for $95M in St. Petersburg
JLL Capital Markets has closed the $94.5-million sale of a 236,976-square-foot, single-tenant, modern distribution facility net-leased to a credit tenant in St. Petersburg, FL. The building is situated on 63 acres at the entrance to St. Petersburg and along Interstate 275.
A multi-national transportation company has occupied the mission-critical building since it was completed in 2017. The facility features tilt-up concrete construction, a 30-foot clear height, 61 dock-high doors, ESFR fire protection and is expandable by an additional 75,000 square feet.
According to JLL Research, the Tampa Bay industrial market ended the third quarter of 2021 with a low vacancy of 3.8% that is coupled with its rise in direct asking rent. The Gateway Industrial submarket, where the property is located, has 3.5% vacancy.
The JLL Capital Markets investment sales and advisory team that represented the seller, Scannell Properties, was led by senior managing director John Huguenard and managing director Luis Castillo.
- ◦Sale/Acquisition
