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Business Observer Tuesday, Nov. 2, 2021 9 months ago

Distribution facility sells for nearly $95M

The 236,000-square-foot FedEx-occupied facility in St. Petersburg sold to an undisclosed buyer
by: Louis Llovio Commercial Real Estate Editor

ST. PETERSBURG — A FedEx occupied distribution center in St. Petersburg has sold for $94.5 million to an undisclosed buyer.

The 236,976-square-foot facility at 1950 102nd Ave. was sold by Scannell Properties, according to a release from JLL Capital Markets, which represented Scannell.

FedEx has occupied the space since it was first built in 2017.

Asked who the buyer was and whether FedEx would remain, a JLL spokeswoman says in an email that “we aren’t able to comment on the buyer or the tenant.” The transaction didn't yet appear in Pinellas County property records as of the afternoon Nov. 2. 

According to JLL, the property sits on 62.93 acres along Interstate 275 at the entrance to St. Petersburg. It is expandable by 75,000 square feet and features 30-foot clear height, 61 dock-high doors and early suppression, fast response fire protection.

The Tampa Bay market’s industrial vacancy rate sits at 3.8% as of the end of the third quarter, JLL Research says. Where this property is located, in the Gateway Industrial submarket, it’s at 3.5% with “no new industrial assets under construction or delivered year to date.”

“The investor interest for long duration industrial assets within infill markets in Florida is unprecedented,” Luis Castillo, managing director of JLL Capital Markets Investment Sales and Advisory, says in the release.

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