A 236,976‑square‑foot FedEx warehouse at 1950 102nd Avenue N. in north St. Petersburg has been sold for $58.2 million. The price is about $36.3 million lower than the $94.5 million purchase price recorded in November 2021, representing a roughly 38% discount.
Transaction details
The deed recorded Friday in Pinellas County lists WSRE CP Last Mile Investors LLC, a Delaware‑registered company doing business in Florida, as the buyer. The seller is MAPS 1950 102 Avenue LLC, an entity tied to South Korean investment firm Mirae Asset Global REIT.
Mirae Asset Global REIT disclosed that it originally invested about $37.8 million in equity and financed the 2021 purchase with a $56.7 million mortgage from Standard Chartered Bank. The loan carried an interest rate of roughly 2.85 % at the time.
Rising financing costs drive sale
According to South Korean financial publication ChosunBiz, refinancing the property now would push the interest rate to about 7.68 %. The higher borrowing costs, combined with currency‑hedging obligations, prompted the investors to sell rather than inject additional capital.
Approximately $56.7 million of the sale proceeds are expected to go toward repaying the outstanding debt. Mirae Asset Global REIT projects it will recover about $2.3 million in equity, or roughly 44.4 % of its original investment when measured in Korean won, after accounting for distributions received during ownership.
Local market context
The transaction occurs amid a softening industrial market in the Tampa Bay area. Cushman & Wakefield’s third‑quarter 2026 industrial report shows Pinellas County’s vacancy rate at 6.5 %, while the broader region’s vacancy rose to 8.2 % from 7.6 % a year earlier. Leasing activity fell 38.1 % compared with the same quarter in 2025, and the market recorded nearly 197,000 sq ft of negative net absorption.
Despite the slowdown, average asking rents climbed 11.1 % year‑over‑year to $11.30 per square foot, indicating that landlords are still able to command higher rates for available space.
Facility overview
The FedEx Ground facility, operating since 2017, sits on about 63 acres near I‑275. It features 61 dock‑high loading doors, 30‑foot ceilings, and space for a potential 75,000‑square‑foot expansion. The recorded deed does not indicate any change to FedEx’s lease or operations, and the new owner has not disclosed its plans for the property.
Efforts to obtain comments from WSRE CP Last Mile Investors LLC, Mirae Asset Global Investments, and JLL were unsuccessful.
Original reporting: St. Pete Catalyst — read the source article.
