Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a 106,000-square-foot distribution facility leased to Amazon. The property is located at 13133 34th Street North in Clearwater, Florida. Stan Johnson Company’s Craig Tomlinson, John Zimmerman and Rocco Driscoll represented the 1031 exchange buyer, a New Jersey-based syndicator. The seller, a private local partnership group, was represented by Bruce Vaughan of Vaughan Commercial, and the property traded for $23.0 million. The cap rate was not disclosed.
“Amazon has very tight location requirements, sometimes even within a zip code,” said Craig Tomlinson, Senior Director and Partner in Stan Johnson Company’s Tulsa, Oklahoma headquarters. “In urban areas like Tampa, adaptive reuse is more common for their delivery stations. Our client is getting not only the hallmark industrial tenant, but a very flexible property in a Class A submarket.”
The property, originally built in 1980, was fully renovated in 2019 and is situated on 8.8 acres. The facility is adjacent to Macy’s operations center and Raymond James’ headquarters.
