Updated Dec 4, 2024
PODS Moving & Storage Leases Industrial Space In Pinellas Park & Tampa, FL
3705 62nd Street North & 1871 Massaro Boulevard
Building Size
154,000 SF
Asset Type
Industrial
Closing
May 16, 2024
About this deal
AI
The property involved in the transaction is an industrial asset located at 3705 62nd Street North in Pinellas Park, FL, and 1871 Massaro Boulevard in Tampa, Florida. The property spans 154,000 square feet and was leased by PODS Moving & Storage.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: Not Provided
- Landlord: Ultimate Realty - Michael Sabbagh & Mark Sabbagh
- Tenant: PODS Moving & Storage
- Landlord's Rep: Jessica Mizrahi - Cushman & Wakefield
- Tenant's Rep: Alex Beachman - Cushman & Wakefield
The deal was facilitated by Alex Beachman of Cushman & Wakefield acting as the tenant's representative and Jessica Mizrahi, also from Cushman & Wakefield, representing the landlord. Both parties successfully negotiated the lease agreement for the industrial property in Pinellas Park and Tampa, signifying a collaborative effort in finalizing the transaction.
On the Map
Industrial
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93