O'Donnell Strategic Industrial REIT buys distribution building

BUYER: OD Flowers Tampa LLC (O'Donnell Strategic Industrial REIT Inc.), Newport Beach, Calif.

SELLER: Flowbake Tampa East LLC

PROPERTY: 1930 Tampa E. Blvd., Tampa

PRICE: $1.68 million

PREVIOUS PRICE: $300,000, November 2011

LAW FIRM ON DEED: Macfarlane Ferguson & McMullen, Clearwater

PLANS, DESCRIPTION:
O'Donnell Strategic Industrial REIT Inc. purchased a 12,160-square-foot industrial building on Tampa East Boulevard for $1.68 million.

The price equated to $138 per square foot.

The building is leased to Flowers Baking Co. of Bradenton LLC, a wholly owned subsidiary of Flowers Foods Inc., as a regional distribution facility.

Christopher Cameron, chief financial officer of The O'Donnell Group, says the building fit into the company's investment strategy to acquire high-quality, well-located industrial real estate nationwide. It was especially attracted by the prospect of Flowers Foods as a tenant, he says.

Flowers Foods, which produces and markets packaged bakery foods, has 15 years remaining on its lease.

The Tampa warehouse purchase is O'Donnell Strategic Industrial REIT's first acquisition.