FedEx warehouse in St. Petersburg sells for $58.2 million

A large FedEx distribution center in north St. Petersburg sold for $58.2 million on Friday. The deed recorded in Pinellas County shows a sale price that is approximately $36.3 million lower than the amount investors paid for the same property five years ago.

The 236,976-square-foot warehouse is located at 1950 102nd Avenue N. The buyer is identified as WSRE CP Last Mile Investors LLC. The seller is MAPS 1950 102 Avenue LLC. This transaction reflects a roughly 38% decrease from the property’s 2021 purchase price of $94.5 million.

The facility sits on about 63 acres near Interstate 275. FedEx Ground has operated from the site since it opened in 2017. The building features 61 dock-high loading doors and 30-foot ceilings. It also contains space for a potential expansion of 75,000 square feet.

In November 2021, developer Scannell Properties sold the facility to an investment group backed by Mirae Asset Global REIT, a South Korean investment company. At the time, commercial real estate firm JLL marketed the property as a long-term asset. Luis Castillo, a managing director at JLL, told the St. Pete Catalyst that investor interest in long-duration industrial assets in Florida was high.

The original buyers financed the 2021 purchase with a $56.7 million mortgage from Standard Chartered Bank. That loan carried an interest rate of approximately 2.85%. According to South Korean financial publication ChosunBiz, refinancing the loan would have raised the interest rate to about 7.68%. The investment group chose to sell rather than commit additional capital to cover the higher borrowing costs and currency-hedging obligations.

The South Korean financial disclosure filed on Oct. 23 confirms the sale price. Mirae Asset Global REIT originally invested about $37.8 million in equity in the property. The company expects to recover the equivalent of approximately $2.3 million from the sale. Including distributions received during ownership, the firm projects recovering about 44.4% of its original investment in Korean won terms.

The sale occurs as the Tampa Bay industrial market faces shifting conditions. Cushman & Wakefield reported that the regional industrial vacancy rate reached 8.2% in the third quarter, up from 7.6% a year earlier. Leasing activity declined 38.1% compared with the third quarter of 2025. The market recorded nearly 197,000 square feet of negative net absorption during that period. Average asking rents rose 11.1% to $11.30 per square foot. Pinellas County’s industrial vacancy rate stood at 6.5%.

WSRE CP Last Mile Investors LLC is a Delaware company that registered to do business in Florida in September. The recorded deed does not list any changes to FedEx’s lease or operations. The buyer has not publicly detailed its plans for the facility. Representatives for the buyer, Mirae Asset Global Investments, and JLL did not respond to requests for comment.