NorthAmerican Terminals buys FedEx Freight building

BUYER: Natmi National FX Properties LLC, Annapolis, Md.

SELLER: FedEx Freight Inc.

PROPERTY: 8804 Maislin Drive, Tampa

PRICE: $1.44 million

PREVIOUS PRICE: $3 million, September 2006

TITLE FIRM ON DEED: First American Title Insurance Co., Nashville

PLANS, DESCRIPTION: Annapolis-based NorthAmerican Terminals Management LLC purchased an 18,420-square-foot former FedEx Freight terminal building in Tampa for $1.44 million.

The price equated to $78 per square foot.

The warehouse building, which occupies an 8.1-acre site, features 54 doors and 3,000 square feet of office space.

The property was one of about 162 redundant industrial properties owned or leased by the shipping giant that were divested following a recent merger. NorthAmerican Terminals Management purchased a total of 39 of the FedEx owned buildings in Florida, Texas and California for $87.1 million.

The Maryland company plans to market all of the properties for lease.

“Tampa is an excellent market,” says Robert Fordi, president of NorthAmerican Terminals Management. “Florida is generally a tough market to find truck terminals for lease. Most terminals are owned by operators. This gives [operators] more options.”

Fordi says the FedEx portfolio was particularly attractive because of its quality and location of the properties.

North American Terminals Management, a Realterm Global company, is a transportation-focused industrial real estate firm with backing from a number of public and private pension funds. It is the largest non-operating owner and manager of cross-dock freight distribution facilities in North America.