Redstone Commercial has announced the sale of a 50,400 square foot industrial facility that is 100% leased to a national roofing distribution company. The property garnered multiple offers and sold for $4.785M, equaling a 7.4% cap rate.
SRS Distribution, Inc. has occupied the building since 2002 and will remain as a tenant. SRS Distribution operates 150 locations across 38 states. The property is located in the Mid Pinellas Market and has convenient access to the major arterials that service the greater Tampa Bay area.
Patrick Kelly and William Wamble with Redstone Commercial represented the Seller in the transaction and sourced buyers who were seeking a replacement property in a 1031 exchange. “We were please with the results of maximizing the value of this asset and exceeding our client’s expectations.” said Kelly.
Redstone Commercial is a fully integrated commercial real estate service company that has continued to achieve valued solutions through developing, understanding and maintaining client/tenant relationships.