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Boston-based Albany Road Real Estate Partners Acquires 30-Acre Industrial Land In Pinellas Park For $21M

Property Image
SOLD
$21,000,000
Rick Brugge
Mike Davis
Dominic Montazemi
+ 5

Florida

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Land
Sold 09/25/2023
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Property Image
SOLD

Boston-based Albany Road Real Estate Partners Acquires 30-Acre Industrial Land In Pinellas Park For $21M

3565 126th Avenue North

See Similar Deals
Land
Sold 09/25/2023
Rick Brugge
Mike Davis
Dominic Montazemi
+ 5
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Land
Transaction Type:Sale

Albany Road Real Estate Partners, a Boston-based firm, has acquired a 30-acre industrial property located at 3565 126th Avenue in Pinellas Park for a total sale price of $21 million. The seller, Gaston Trees Debris Recycling, will continue to lease back 10 acres of the site. The property offers potential for future industrial development and has leasing opportunities available for 2 to 7.5 acres, with the capacity to accommodate up to 450,000 square feet of new construction.

Summary of transaction details

  • Property Type: Land
  • Transaction Amount: $21,000,000
  • Address: 3565 126th Avenue
  • Market: Pinellas Park
  • Acres: 30

The brokers involved in this deal were Rick Brugge, John Jackson, Mike Davis, Dominic Montazemi, Rick Colon, JT Faircloth, and Casey Perry of Cushman & Wakefield.

Players

Dominic Montazemi
Cushman & Wakefield
Dominic Montazemi
90 deals$4.2B volume
BROKER
Mike Davis
Cushman & Wakefield
Mike Davis
65 deals$3.6B volume
BROKER
Rick Brugge
Cushman & Wakefield
Rick Brugge
65 deals$2.8B volume
BROKER
Rick Colon
Cushman & Wakefield
Rick Colon
55 deals$2.7B volume
BROKER
John Jackson
Cushman & Wakefield
John Jackson
1 deal$21M volume
BROKER
JT Faircloth
Cushman & Wakefield
JT Faircloth
1 deal$21M volume(813) 204-5362
BROKER
Casey Perry
Cushman & Wakefield
Casey Perry
1 deal$21M volume(813) 233-6564
BROKER
CK
Albany Road Real Estate Partners
Christopher Knisley
5 deals$98.8M volume
BUYER

Details

SOLD
IMAGE: Dominic Montazemi, Rick Colon, Mike Davis, Christopher Knisley, Rick Brugge, John Jackson, JT Faircloth & Casey Perry DATE: 09/25/2023 ADDRESS: 3565 126th Avenue MARKET: Pinellas Park ASSET TYPE: Land ~ ACRES: 30 BUYER: Albany Road Real Estate Partners - Christopher Knisley SELLER: Gaston Trees Debris Recycling - Bill Gaston BROKERS: Rick Brugge, John Jackson, Mike Davis (@mikeithdavis), Dominic Montazemi (@DFMontazemi), Rick Colon (@TheRealRickColon), JT Faircloth (@jt_faircloth) & Casey Perry - Cushman & Wakefield (@cushwake) SALE PRICE: $21,000,000 NOTE: Albany Road Real Estate Partners, a Boston-based firm, has purchased a 30-acre industrial property in Pinellas Park for $21 million from Gaston Trees Debris Recycling, who will lease back 10 acres of the site. The property offers potential for future industrial development and has leasing opportunities for 2 to 7.5 acres, with room for up to 450,000 square feet of new construction.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,120,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$74,608.56
Cash-on-Cash Return-1.27%
Monthly Debt Service$99,550.71
Annual Debt Service$1,194,608.56