Admiral Leasing Acquires Tesla Sales And Service Center In St. Petersburg For $26.25M

Admiral Leasing, a Maryland-based automobile leasing company, has acquired a property in St. Petersburg hosting a Tesla sales and service center. The transaction, which took place on May 14, 2023, involved the purchase of the property located at 4601 34th Street North. The industrial asset was sold by Rob Truett at a price of $26.25 million, double the previous year's price.

Summary of transaction details

• Property Type: Industrial
• Transaction Amount: $26,250,000
• Market: St. Petersburg
• Buyer: Louis Cohen - Admiral Leasing
• Seller: Rob Truett
• Date: 05/14/2023

This acquisition by Admiral Leasing is seen as a long-term investment in the Florida market. They hope to retain Tesla as a tenant for an extended period, considering the property's significance as a sales and service center for the electric vehicle manufacturer.