PODS leased warehouses sell for $28.5M

A three-property warehouse portfolio totaling 154,490 square feet in the Tampa Bay market has been sold to an investor tied to J.P. Morgan Asset Management.

Two of the properties are in Tampa and one is in Pinellas Park. All three are leased by PODS.

According to JLL Capital Markets, which announced the deal and represented the seller, the portfolio sold for $25.8 million to buyers who are “institutional investors advised by J.P. Morgan Asset Management.”

Records in both counties show the purchases were made by a pair of LLCs — Pinellas Park Realty Co. and East Tampa Realty Co. — that share an address with the global bank in Florida’s Division of Corporation’s database.

The seller was Brooklyn, New York-based Ultimate Realty, which paid $16.75 million for the portfolio December 2022.

The Pinellas Park property, built in 2007 at 3705 62nd Ave. N, is 100,100 square feet. It sold for $18.15 million. Ultimate paid $12.47 million.

The Tampa property, which was built in 2004, is made up of two buildings at 1871 Massaro Blvd. totaling 54,390 square feet. County records show it sold for $7.67 million. Ultimate paid $4.27 million.

Both properties feature 28- to 38-foot clear heights, eight oversized grade-level doors and climate-controlled warehouses.

JLL says that as part of its business plan Ultimate, a real estate investment management firm, structured a long-term lease at market rents with PODS, the local storage facility giant.

Terms of the lease were not available.

Managing director Luis Castillo, senior director Cody Brais and associate Taylor Osborne woked the deal for JLL’s investment sales and advisory team.