PODS Tampa Two-Pack_Property for Sale
PODS Tampa Two-Pack_Property for Sale
PODS Tampa Two-Pack

PODS Tampa Two-Pack

Portfolio description

On behalf of Ownership, Jones Lang LaSalle, Inc. (“JLL”) has been exclusively retained to market for sale The PODS Tampa Two-Pack (the “Portfolio” or “Properties”) – three 100% leased, single-tenant NNN warehouses located in the Tampa MSA, within the East Side and South Pinellas submarkets. The Portfolio is being offered at a significant discount to replacement cost, with 8.7 years of weighted average lease term remaining and 4.00% fixed annual escalations.


Constructed in 2004 & 2007, the Properties are both fully leased to PODS, one of the largest Mobile Self Storage companies in the nation. With over 3,000 employees and 6 million moves, PODS was established in Tampa Bay in 1998 and continues to be headquartered there. It has since expanded its operations to 46 states, with 260 storage center locations throughout the country.


The 154,490 SF Portfolio consists of two buildings totaling 54,390 SF and one 100,100 SF building. The buildings feature 28’-38’ clear heights, 8 oversized grade-level doors, climate-controlled warehouses, and exceptional highway access.


This offering provides an investor with the rare opportunity to acquire a 100% leased Portfolio of extremely well-located assets in the highly desirable Tampa MSA. It also provides strong cash flow from an established national tenant, coupled with future upside and strong future contractual escalations.

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Attributes

Building area gross
14,353 m²
Number of buildings
3
Occupancy
100%
WALT
8.7 years
PODS Tampa Two-Pack (2 Properties)
PODS Tampa Two-Pack (2 Properties)

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Investment Highlights

PREMIER INFILL TAMPA LOCATIONS WITHIN THE EAST SIDE & SOUTH PINELLAS SUBMARKETS

  • Totaling 154,490 SF and 7.88 acres, the Portfolio offers a rare opportunity to acquire an industrial portfolio in one of the best performing markets in the country
  • Superior connectivity to Tampa’s major transportation arteries, located just off US-301, with direct access to I-275 and I-75, providing access to over 6.5 million people within a 90-minute drive

VALUE PROPOSITION

  • Attractive acquisition basis well below both recent trades ($200 PSF) and the cost of replacement ($215 PSF), providing future competitive advantage to a new owner
  • Opportunity to unlock a rental premium at both properties by multi-tenanting 1871 Massaro Blvd. and charging for excess outdoor storage at 62nd Ave

LANDLORD FAVORABLE LEASE STRUCTURE

  • 4% annual escalations provide strong contractual rent growth and inflation hedge
  • NNN lease limits landlord responsibilities and near-term capital requirements

COMMITTED TENANCY WITH LONG STANDING TENURE & DEEP-ROOTED TIES TO THE TAMPA MARKET

  • Strong commitment to Tampa since PODS was founded in 1998 in Clearwater
  • Entrenched tenant who has been at the properties since 2004 & 2007 and has invested heavily into their spaces including the following capital items: full exterior paint, bollard repairs/replacement, replacement of HVAC units, Big Ass Fans throughout both warehouses, CMU repairs at rollup door openings, and curb repairs

FUNCTIONAL DRIVEN DESIGN SPECIFICATIONS IDEALLY SUITED FOR POD’S USE

  • 28’ & 38’ Clear Heights
  • 8 Oversized Grade Level Doors
  • Climate Controlled Warehouses
  • Excess Outdoor Storage Area (62nd Ave)
PODS Tampa Two-Pack 4_Property for Sale
PODS Tampa Two-Pack 4_Property for Sale

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Last updated
9 Jul 2024