TAMPA, FL-Sandifer Partnership has sold a 175,920-square-foot warehouse to TCG I Tampa, an affiliate of Trident Capital Group, for $7.5 million. TCG got a $50,000 credit for deferred maintenance issues.
The final purchase price was only $100,000 off the first contract to purchase the property. The sale price equates to an 8.3% cap rate.
Marc Goldberg of NAI Rauch Weaver Norfleet Kurtz & Co. represented the seller. TCG was not represented by a buyer in its first industrial purchase in the state. Goldberg tells GlobeSt.com that Cott Beverages occupies the warehouse.
“This transaction took just 42 days, from offer to closing—the actual contract length was less than 40 days—with institutional financing from Aetna,” Goldberg says. “Sheada Madani, an attorney from Johnson, Auvil, Brock and Wilson in Dade City, was the sole attorney for the seller. She was instrumental in getting this deal closed.”
Multiple issues could have derailed the sale, Goldberg says, so Madani had to move quickly to get the due diligence completed in the short time frame, while also having to deal with the attorneys for the buyer, lender and tenant. Cott’s lease runs through Jan. 21, 2020.
“The building originally went under contract to a buyer that was planning an IPO, which necessitated a long contract length,” Goldberg says. “The sale price of the original contract made it worthwhile for the owner to wait. Unfortunately the IPO kept getting delayed, to the point that it made a year-end close almost impossible. The contract was terminated in late October, and we began receiving offers two weeks later.”
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