A sprawling FedEx distribution center in north St. Petersburg has sold for $58.2 million, nearly $36.3 million less than investors paid for the same property five years ago.
The sale of the 236,976-square-foot warehouse at 1950 102nd Avenue N. comes as higher borrowing costs and rising vacancies put pressure on Tampa Bay’s industrial real estate market.
A deed recorded Friday in Pinellas County identifies the buyer as WSRE CP Last Mile Investors LLC and the seller as MAPS 1950 102 Avenue LLC. The latest sale price is approximately 38% below the property’s previous $94.5 million purchase price.
The $58.2 million figure is also identified in an Oct. 23 financial disclosure filed by South Korean investment company Mirae Asset Global REIT, whose affiliated investment structure held the property.
The warehouse sits on approximately 63 acres near Interstate 275, where FedEx Ground has operated since the facility opened in 2017. It has 61 dock-high loading doors, 30-foot ceilings and space for a possible 75,000-square-foot expansion.
The Catalyst reported the property’s previous sale in November 2021, when developer Scannell Properties sold the facility to the South Korean-backed investment group.
At the time, warehouse properties with established tenants were attracting considerable interest from investors. Commercial real estate firm JLL marketed the FedEx facility as a long-term investment in a growing industrial market.
“The investor interest for long-duration industrial assets within infill markets in Florida is unprecedented,” Luis Castillo, a JLL managing director, said at the time.
The South Korean buyers financed the $94.5 million purchase with a $56.7 million mortgage from Standard Chartered Bank, according to property records reported by the Catalyst.
Five years later, the investment faced a much more expensive refinancing.
According to South Korean financial publication ChosunBiz, the property’s existing loan carried an interest rate of approximately 2.85%. Refinancing was expected to increase that rate to about 7.68%.
The publication reported that the prospect of higher borrowing costs, along with currency-hedging obligations, prompted the investment group to sell rather than commit additional capital.
Approximately $56.7 million of the sale proceeds is expected to go toward repaying outstanding debt, according to the South Korean financial disclosure.
Mirae Asset Global REIT originally invested approximately $37.8 million in equity in the property. ChosunBiz reported that the company expects to recover the equivalent of approximately $2.3 million from the investment following the sale.
Including distributions received during its ownership, the company projects recovering about 44.4% of its original investment in Korean won terms.
The transaction comes amid changing conditions for warehouse owners and investors across Tampa Bay.
According to Cushman & Wakefield’s third-quarter industrial market report, the region’s industrial vacancy rate reached 8.2%, up from 7.6% a year earlier.
Leasing activity declined 38.1% compared with the third quarter of 2025. The market also recorded nearly 197,000 square feet of negative net absorption during the quarter, meaning more industrial space was vacated than occupied.
Average asking rents, meanwhile, climbed 11.1% over the previous year to $11.30 per square foot. Pinellas County’s industrial vacancy rate stood at 6.5%, below the regional average.
The new owner, WSRE CP Last Mile Investors LLC, is a Delaware company registered to do business in Florida in September, according to state corporate records.
The recorded deed does not identify any changes to FedEx’s lease or operations at the property, and the buyer has not publicly detailed its plans for the facility.
Efforts to reach representatives of the buyer, Mirae Asset Global Investments and JLL for comment before publication were unsuccessful.