Mark Sabbagh & Michael Sabbagh Acquire Industrial Portfolio In Tampa & Sarasota For $6.8M
1865 Massaro Boulevard & 1926 72nd Drive East
$6,700,000
$54/SF
Building Size
122,000 SF
Asset Type
Industrial
Closing
Nov 21, 2023
AI
An industrial portfolio in Tampa and Sarasota has been sold for a total price of $6,800,000. The portfolio consists of two properties located at 1865 Massaro Blvd and 1926 72nd Dr E, with a combined square footage of 61,000. The sale price per square foot is $111, indicating a lucrative deal for the buyer.
Summary of transaction details
- Property Type: Industrial Portfolio
- Transaction Amount: $6,800,000
- Address: 1865 Massaro Blvd & 1926 72nd Dr E
- Market: Tampa & Sarasota
- Tenants: Sunbelt Rentals & Suncoast Roofers
The buyer of the industrial portfolio is Mark Sabbagh & Michael Sabbagh, represented by Ultimate Realty. The seller is Ward Properties. The deal was facilitated by brokers David Warren & Marc Smouha from KSR. The presence of notable tenants like Sunbelt Rentals and Suncoast Roofers likely contributed to the lucrative sale.
Players
Tampa Industrial Market Snapshot
Boundary boundary · Industrial · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.37%
Cash-on-Cash
-0.68%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93