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
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