Updated Dec 4, 2024
JP Morgan Acquires Industrial Portfolio In Pinellas Park And Tampa For $25.83M
3705 62nd Avenue North & 1871 Massaro Boulevard
$25,825,000
$83/SF
Building Size
154,490 SF
Asset Type
Industrial
Closing
Nov 5, 2024
About this deal
AI
An industrial portfolio consisting of two properties located at 3705 62nd Avenue North in Pinellas Park and 1871 Massaro Boulevard in Tampa, FL, has been sold. The total sale price reached $25,825,000, with a square footage of 154,490 and a price per square foot of $167.
Summary of transaction details:
- Property Type: Industrial Portfolio
- Transaction Amount: $25,825,000
- Buyer: JP Morgan
- Seller: Ultimate Realty - Mark Sabbagh & Michael Sabbagh
- Brokers: Cody Brias & Luis Castillo - JLL
- Market: Pinellas Park & Tampa, FL
The transaction involved key individuals, including Mark Sabbagh and Michael Sabbagh, representing the seller, Ultimate Realty. Cody Brias and Luis Castillo from JLL were instrumental in brokering the deal for both the buyer and the seller.
On the Map
$25,825,000
$83/SF
Industrial
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Pinellas Park 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
0.61%
Cash-on-Cash
-0.18%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93