American Water Chemicals buys former SRI building

BUYER: Mona Holding LLC (principal: Mohannad Almalki), Riverview

SELLER: ProLogis IV Inc.

PROPERTY: 1802 Corporate Center Lane, Plant City

PRICE: $1.55 million

PREVIOUS PRICE: $2.49 million, November 1994

LAW FIRM ON DEED: ProLogis, Denver

PLANS, DESCRIPTION: Tampa-based American Water Chemicals Inc. purchased a 40,800-square-foot distribution center on Corporate Center Lane for $1.55 million.

The price equated to $38 per square foot.

The building features 7,060 square feet of lab space, 5,075 square feet of office space along with the warehouse space. The water-treatment chemicals company plans to relocate to the building from a leased location at 9203-A King Palm Drive, Tampa.

Dee Seymour and Ed Miller of Colliers International Tampa Bay represented the seller and Nancy Phaneuf with NPR Realty represented the buyer.

“ProLogis built the building in the early '90s for SRI Surgical,” Miller says. “When they vacated it, ProLogis decided to offer the building for sale or lease. It was in institutional condition.”
American Water Chemicals was created in 1993 as a subsidiary of American Engineering Services to manufacture and supply various water treatment chemicals required by AES for its reverse osmosis water treatment plants.

The purchase entity Mona Holding LLC mortgaged the property to SunTrust Bank for $1.2 million.