Clearwater Industrial Park Properties Sold for $19.05 Million
Deal News | Dec 10, 2024 | Albany Road Real Estate Partne
Albany Road Real Estate Partners, a Boston-based private equity real estate firm, has finalized the sale of three parcels of land located at Clearwater’s Airport Industrial Park for a total of $19.05 million. The transactions were recorded with the Pinellas County Clerk’s office on December 10. The properties sold are located at 4400, 4600, and 4800 140th Avenue N., Clearwater. The properties comprise a mix of office, retail, and service areas and include structures built between 1983 and 1988. The buyer, i3 Investors, an Indianapolis-based real estate investment firm, focuses specifically on industrial properties. The company bought the properties, under the name Clearwater Realty IN, LLC, with financial backing through an $11.7 million mortgage secured by GSF 2023 1 LLC. Albany Road Real Estate Partners acquired these properties in 2019 for $15.39 million, reflecting a value appreciation over their ownership term.
Sectors
- Real Estate
- Private Equity
- Industrial
Geography
- United States – The transaction occurred in the U.S., specifically involving properties in Clearwater, Florida, and companies based in Boston, Massachusetts, and Indianapolis, Indiana.
- Florida – The properties in question are located in Clearwater, Florida, emphasizing regional real estate market dynamics.
Industry
- Real Estate – The article details the sale of industrial properties, a transaction heavily tied to the real estate sector.
- Private Equity – Albany Road Real Estate Partners, a private equity firm, is involved in divesting assets, impacting private equity investments and returns.
- Industrial – The properties sold are industrial real estate assets, highlighting the relevance of the industrial sector.
Financials
- 19.05 million – The combined purchase price of the Clearwater properties.
- 11.7 million – Mortgage amount secured by the buyer, i3 Investors.
- 15.39 million – The purchase price Albany Road Real Estate Partners paid for the properties in 2019.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Albany Road Real Estate Partners | Seller | Company | Boston-based private equity real estate firm that sold the Clearwater properties. |
| i3 Investors | Buyer | Company | Indianapolis-based private real estate investment firm focusing on industrial properties that purchased the Clearwater parcels. |
| Clearwater Realty IN, LLC | Buyer | Company | Registered entity under which i3 Investors purchased the properties. |
| GSF 2023 1 LLC | Lender | Company | Entity that provided a mortgage for i3 Investors' purchase totaling $11.7 million. |
| Pinellas County Clerk's Office | Recording Agency | Government | Government office where the property sale was recorded. |