Single-tenant industrial building sells for $94.5M in growing Tampa Bay market

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.

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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