JP Morgan Acquires Industrial Portfolio In Pinellas Park And Tampa For $25.83M
SOLD
$25,825,000
Florida
See Similar DealsIndustrial308,980 SF
Sold 11/05/2024
SOLD
JP Morgan Acquires Industrial Portfolio In Pinellas Park And Tampa For $25.83M
3705 62nd Avenue North & 1871 Massaro Boulevard
See Similar DealsIndustrial308,980 SF
Sold 11/05/2024
Summary
FLORIDA
Asset Type:Industrial
Price Per Square Foot:$83
Total Square Footage:308,980 SF
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,377,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$91,750.77
Cash-on-Cash Return-1.27%
Monthly Debt Service$122,423.68
Annual Debt Service$1,469,084.10
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