Single-tenant industrial building sells for $94.5M in growing Tampa Bay market
JLL Capital Markets closed the sale of the modern distribution facility in St. Petersburg, Florida
MIAMI, Nov. 1, 2021 – JLL Capital Markets announced today that it 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 the Tampa-area community of St. Petersburg, Florida.
JLL marketed the property on behalf of the seller, Scannell Properties.
A multi-national transportation company has occupied the mission-critical building since it was completed in 2017. The state-of-the-art 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.
Situated on 62.93 acres at 1950 102nd Ave., the facility is at the entrance to St. Petersburg and along Interstate 275, the market’s primary distribution arterial. This sought-after logistics location provides the tenant with immediate access to the growing St. Petersburg/Clearwater and Tampa Bay MSA. The area has seen significant population growth since 2018, adding approximately 144 new residents a day due to its record low unemployment and low cost of living.
According to JLL Research, The Tampa Bay Industrial market ended the third quarter of 2021 with a low vacancy of 3.8 percent that is coupled with its rise in direct asking rent over the last year. The Gateway Industrial submarket, where the property is located, is even tighter, with 3.5 percent vacancy and no new industrial assets under construction or delivered year to date.
The JLL Capital Markets Investment Sales and Advisory team that represented the seller was led by Senior Managing Director John Huguenard and Managing Director Luis Castillo.
“The investor interest for long duration industrial assets within infill markets in Florida is unprecedented,” Castillo said. “We see capital – both domestic and global – pursue these opportunities, which is exactly what happened with this property.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Scannell Properties
Scannell Properties is a privately held real estate development and investment company that focuses on build-to-suit and speculative development of industrial, office, government, and multi-family facilities throughout the U.S., Canada and Europe. Since its inception in 1990, Scannell has completed over 360 development projects totaling 85 million square feet. The value of all their projects is estimated at over $5 billion. scannellproperties.com