A sprawling FedEx distribution center in north St. Petersburg has sold for $58.2 million, nearly $36.3 million less than investors paid for the same property five years ago.
The sale of the 236,976-square-foot warehouse at 1950 102nd Avenue N. comes as higher borrowing costs and rising vacancies put pressure on Tampa Bay’s industrial real estate market.
A deed recorded Friday in Pinellas County identifies the buyer as WSRE CP Last Mile Investors LLC and the seller as MAPS 1950 102 Avenue LLC. The latest sale price is approximately 38% below the property’s previous $94.5 million purchase price…