Fund led by MDH Partners buys NFI-leased distribution center

BUYER: MDH Tampa 62nd Street LLC (president: Michael Pelt), Atlanta
SELLER: ABK Real Estate LLC
PROPERTY: 1920 N. 62nd St., Tampa
PRICE: $8.01 million
PREVIOUS PRICE: $1.43 million, November 1989
LAW FIRM ON DEED: Holland & Knight LLP, Orlando

PLANS, DESCRIPTION:
An investment fund managed by Atlanta-based MDH Partners LLC purchased a 193,966-square-foot warehouse/distribution building for $8.01 million.

The price equated to $41 per square foot. That figure is less than the two-year average price per square foot for industrial space ($104) in the Tampa Bay area, according to the CoStar Group.

The building is fully leased to Cherry Hill, N.J.-based global supply chain/transportation company NFI.

The new fund, which was created to hold $400 million, is targeting real estate in the southeast United States.

“This is our first acquisition in the Tampa market since the venture formed last May,” says Michael Pelt, president of MDH Partners. “The fund currently has 18 properties: 16 in Atlanta and one in Nashville. Industrial markets have recovered pretty dramatically.”

Pelt says the fund is looking for additional distribution sites in the Tampa Bay area.