Hide-Away/Pods Warehouse

Industrial for Sale
Catylist Listing ID: 30797370
Property Subtypes: Free-Standing, Manufacturing, Net Leased
Building Size (RSF): 82,040 SF
Gross Land Area: 3.80 Acres
Sale Price: $12,000,000
Unit Price: $146.27 PSF
Docks/Doors: 2 Docks, 2 Doors
Office SF: 4,080 SF
Property Use Type: Net Leased Investment (NNN)
Building Name: Hide-Away/Pods Building
Usable Size (USF): 82,040 SF
Sale Terms: Cash to Seller
Cap Rate: 4.7%
Last Updated: 5/12/2022

Overview / Comments

The Hide-Away Pods building is a 82,040 square foot climate controlled warehouse located at 6791 28th St. Circle East, Sarasota, FL on 3.8 acres of HM zoned land.
Currently, Pods or Portable on Demand Storage is the primary tenant that occupies 60,000 square feet of the building. Pods has been a tenant in the building for 7 years and has expanded their footprint from 40,000 to 60,000 last year. They have 4 years remaining on their lease term.
Hide-Away Portable Storage is owned by the buildings owner. They will execute a lease for the 20,000 square feet that they occupy at $8.00 per square foot plus the $2.00 common area maintenance charge. They are willing to sign a short term lease not to exceed the remaining Pods term. They have also indicated they are willing to negotiate vacating their space with a within a reasonable time frame of closing if a buyer is wanting to occupy the 20,000+/- square feet that they occupy.
This is a value add opportunity. As I see it, Pods is in the space at a below market rate and could be raised at the end of their existing term. I also think there is a very good chance that Pods could grow into the balance of the space within the next four years. There may also be some opportunity for outside storage rent.
The property is located one block east of US 301 and Whitfield Ave between University Parkway and SR 70. Both of which provide access to I75. While the property has a Sarasota address, it is in Manatee county.

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Additional Details

Nearest MSA: North Port-Sarasota-Bradenton
County: Manatee
Taxing Authority: Manatee County
Tax ID/APN: 1876700959
Property Located Between: Just a block east of US HWY 301 at Whitfield Avenue.
Highway Access: US HWY 301 at Whitfield Avenue. I75 via University or SR 70
Airports: Sarasota, Tampa
Site Description: Rectangular 3.8 +/- acre site with HM zoning.
Area Description: The area is an industrial area one block east of US HWY 301 just north of Whitfield Ave . While the site is in Manatee County, it has a Sarasota address.
Tenancy: Multiple Tenants
Typical SF / Floor: 82 SF
Property Condition: Good
Year Built: 2005
Roof Type: Arched
Construction/Siding: Steel Frame
Exterior Description: 200 x 400 steel frame metal building with adequate parking on west side of building. There are four overhead doors and two dock high doors on west side of building.
Parking Type: Surface
Parking Description: Surface parking on west side of building. Tenants use a portion of parking for outside storage.
Column Spacing: 25 feet
Passenger Elevators: 1
Sprinklers: Wet
Heat Type: Electricity, Solar
Heat Source: Central
Air Conditioning: Engineered System
Lighting: Fluorescent
Internet Access: Fiber Optic
Interior Description: Large climate controlled warehouse with 4,080 square feet of office space, one half of which is 2nd floor mezzanine. The building has solar panels that control electric costs significantly.
Zoning Description: Heavy Manufacturing (HM) Manatee County
Water Service: Municipal
Sewer Type: Municipal
Easements Description: None to the best of my knowledge
Land Ownership: Fee Simple

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 5,706 71,810 196,463
Median Age: 41.74 46.26 44.27
Households: 2,282 31,195 83,934


Photograph of Listing Agent

Jay J Heagerty Jr.

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