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5450 Johns Road

Clarion Partners Acquires Tampa Airport Logistics Property For $55.6M
SOLDIndustrial

Clarion Partners Acquires Tampa Airport Logistics Property For $55.6M

5450 Johns Road & 5416 West Sligh Avenue

$55,600,000

$93/SF

Building Size

594,508 SF

Asset Type

Industrial

Closing

Jan 2, 2024

AI

The Tampa Airport Logistics property located at 5450 Johns Road & 5416 West Sligh Avenue has been sold in a closed transaction. The industrial property spans 19 acres and consists of a 297,254-square-foot facility. The sale price for this transaction was $55,600,000, with a price per square foot of $187.

Summary of transaction details

  • Property Type: Industrial
  • Transaction Amount: $55,600,000
  • Address: 5450 Johns Road & 5416 West Sligh Avenue
  • Market: Tampa
  • Acres: 19

Dominic Montazemi, Rick Brugge, Rick Colon, Ryan Jenkins, Mike Davis, and Chloe Strada with Cushman & Wakefield represented the buyer and seller in this transaction. The buyer, David Gilbert, was represented by Clarion Partners, a New York-based real estate investment firm. Carolyn Powell, representing Pacific Coast Capital Partners, acted as the seller's representative. This purchase expands Clarion's national portfolio, which predominantly comprises industrial assets totaling $45 billion in assets under management and 243 million square feet. The Tampa Airport Logistics property is fully leased, with an average tenant term of six years.

Players

Dominic Montazemi

Cushman & Wakefield

Broker

$4.2B

vol

90 deals

Broker
David Gilbert

David Gilbert

Clarion Partners

Buyer

$1.9B

vol

28 deals

Buyer
Clarion Partners
Clarion PartnersLender

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

0.29%

Cash-on-Cash

-0.08%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93