Matthews™ Facilitates Sale of NNN Industrial Asset in Florida

SAINT PETERSBURG, FL— Matthews™, a commercial real estate investment services and technology firm, completed the sale of an industrial property located at 3200 Tyrone Blvd in Saint Petersburg, Florida. Matthews™ First Vice President & Associate Director Nick Watson represented the seller in the $7,200,000 transaction.

 

The 68,000-square-foot masonry industrial facility sits on 4.89 acres, featuring 18-foot clear heights, six dock doors, and a strategic infill location in central St. Petersburg with convenient access to I-275, US-19, and major east-west thoroughfares. Leased to First Nation Group through a short-term modified NNN sale-leaseback, the asset offers investors an attractive in-place yield and future upside through contractual rent growth in one of Tampa Bay’s most supply-constrained industrial submarkets.

 

The seller, a long-time owner and operator, elected to bring the property to market following the successful sale of his business as part of a broader retirement strategy. Matthews™ leveraged a relationship cultivated over three years to position the asset for a seamless transaction that aligned with the seller’s timing and financial goals.

 

The Matthews™ agent utilized the firm’s internal network to directly source the buyer, who had been actively seeking entry into the market. The buyer quickly recognized the opportunity to acquire a NNN industrial asset with a strong tenant and attractive cap rate. Matthews™ maintained consistent communication between both parties to ensure alignment throughout the transaction process, ultimately leading to a smooth closing.

 

“This deal was years in the making. A cold call three years ago sparked a relationship with the seller, and when he was finally ready to retire and sell, we already had the right buyer in our database,” Watson said. “The transaction stayed on track, and both sides walked away with exactly what they were looking for.”

 

For more information, please contact Nick Watson or visit www.matthews.com.

 

About Matthews™

Matthews™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Based out of Nashville, TN, and strategically positioned with over 1,000 agents and employees in 30 offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.