$25.8M sale of 154K SF industrial portfolio leased to PODS in Tampa closes

MIAMI, Nov. 8, 2024 – JLL Capital Markets announced today the approximately $25.8 million sale of PODS Tampa, a 154,490-square-foot portfolio comprising three fully leased industrial warehouses in the Tampa, Florida MSA.

JLL facilitated the sale on behalf of Ultimate Realty, LLC, who structured a long-term lease at market rents as part of the business plan execution. Institutional investors advised by J.P. Morgan Asset Management acquired the portfolio.

Situated in the sought-after East Side and South Pinellas submarkets, the properties include two buildings totaling 54,390 square feet at 1871 Massaro Blvd. and a 100,100-square-foot facility at 3705 62nd Ave N. Built in 2004 and 2007, the properties feature 28- to 38-foot clear heights, eight oversized grade-level doors and climate-controlled warehouses.

These assets also boast superior connectivity to Tampa's major transportation arteries, situated just off US-301 with direct access to I-275 and I-75.

The entire portfolio is leased to PODS, one of the largest mobile self-storage companies in the nation. Founded in Tampa Bay in 1998, PODS maintains its headquarters in the area and has grown to employ over 3,000 people, facilitating more than six million moves.

The JLL Investment Sales and Advisory team was led by Managing Director Luis Castillo, Senior Director Cody Brais and Associate Taylor Osborne.

"This sale exemplifies the enduring appeal of strategically located industrial assets in Tampa's supply-constrained market," said Brais.

Castillo added, "The combination of prime infill locations, high barriers to entry and a credit tenant with a long-term commitment made this an attractive investment opportunity."

“Although Ultimate Realty’s strategy tends to favor longer term holds, we saw this as a compelling opportunity to capitalize on our successful execution of the business plan for this asset and deliver superior risk-adjusted returns to our investors,” said Joe Sabbagh, Founder of Ultimate Realty, LLC. “Per our current portfolio and recent investment activities, we remain bullish on the outlook for (last-mile) industrial properties in Florida.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Ultimate Realty, LLC is a New York-based real estate investment management firm founded in 1996, that acquires and develops multi-family, commercial, retail, and industrial holdings throughout the United States. Since its inception, Ultimate Realty has acquired or developed over $2 Billion of real estate. Ultimate Realty’s principals, Joe, Mark, and Michael Sabbagh, bring a combined 50+ years of experience as seasoned owners/operators of commercial real estate, with Ultimate Realty historically investing in industrial, retail, and multi-family assets in opportunistic, value-add, and core-plus strategies. Ultimate Realty’s current holdings span New York, New Jersey, Pennsylvania, Connecticut, Florida, Georgia, and Puerto Rico, with a strong recent focus on industrial assets as per over 2 million SF acquired. Ultimate Realty’s portfolio includes 10 assets in Florida, and its most recent close during October 2024 for a small-bay 58,000 SF industrial park in St. Cloud. Please visit our website at https://www.ultimaterealtyllc.com/.