Summit Real Estate Buys Industrial Portfolio
- Feb 11, 2019
Summit Real Estate Group has acquired a 230,586-square-foot five-property industrial portfolio in St. Petersburg, Fla. Farallon Capital Management LLC sold the facilities for a total of $17.4 million. JLL arranged the sale on behalf of the seller.
Three of the properties are situated within the Westbay Corporate Center at 9400-9700 International Court N. and the other two are located at 9700 16th St. N. and 9843 18th St. N. in the Metropointe Commerce Center. The two centers are located within 1 mile from each other, alongside Interstate 275 approximately 9 miles from downtown St. Petersburg and around 16 miles from Tampa’s center. Additionally, the buildings are roughly 6 miles from St. Pete-Clearwater International Airport and 14 miles from Tampa International Airport.
Westbay Corporate Center is a Class A business park featuring concrete block construction, an 18-foot clear height, dock-high and grade level loading capabilities, climate-controlled and sprinkler-equipped suites. Characteristics of Metropointe Commerce Center include grade-level and truck well loading and 16-foot clear heights in addition to office/flex space.
“Tampa’s industrial sector continues to perform at a high level, catching the attention of national users and investors,” said John Dunphy, executive vice president at JLL, in prepared remarks. “The sale of this five-building portfolio is a testament to the strength of the market and represents a strong addition to Summit Real Estate Group’s portfolio as the firm looks to grow its presence in Tampa’s active commercial real estate market.”
Image courtesy of JLL