St. Pete industrial building sells in $94.5 million deal
By Breanne Williams
Tampa Bay Business Journal
Published: Nov 1, 2021

An industrial building in St. Petersburg has been sold in a $94.5 million deal.

JLL Capital Markets closed on the sale of a 236,976-square-foot modern distribution facility net leased to a credit tenant. The seller was Indiana-based Scannell Properties.

The facility sits on 62.93 acres at 1950 102nd Ave. along Interstate 275. The building was completed in 2017, and FedEx Corp.’s FedEx Ground, a multinational transportation company, has occupied it. The facility is located in the heart of the primary distribution area and includes tilt-up concrete construction, a 30-foot clear height, 61 dock-high doors and ESFR fire protection. According to JLL, the site is expandable by an additional 75,000 square feet.

“The investor interest for long-duration industrial assets within infill markets in Florida is unprecedented,” said Luis Castillo, managing director of the Miami office of JLL Capital Markets, in a release. “We see capital — both domestic and global — pursue these opportunities, which is exactly what happened with this property.”

The building is in the Gateway Industrial submarket, and according to JLL Research, that area has a 3.5% vacancy with no new industrial assets under construction or delivered year to date. The report showed 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 over the last year.”