Commercial Partners Realty is pleased to announce the successful sale of a highly specialized manufacturing facility at 7265 Ulmerton Rd, part of the 90,000SF VistaPharm portfolio in Largo. This marks the second property sold from the portfolio this year.
Marko Radosavljevic, our Industrial Specialist, was able to secure above-market pricing for both properties on behalf of the seller, STORE Capital. The most recent sale of the Ulmerton Rd property achieved one of the highest prices per square foot for industrial properties of this size, coming in at an impressive $151/SF.
About the Property
The facility, previously used for pharmaceutical manufacturing, presented a unique challenge: finding a buyer capable of utilizing the existing infrastructure and improvements, which were key drivers of the property’s value. After a year of STORE Capital’s efforts to market the property independently, Marko provided valuable insights and the local presence necessary to identify and secure a qualified buyer for such a specialized property.
The buyer, a conglomerate of various pharmaceutical and lab testing companies, proved to be the ideal match due to their complementary line of work and previous experience in the pharmaceutical industry. Represented by Elliot Ross of Ross Realty Group, the new owners see this property as an opportunity to expand their services and potentially offer third-party manufacturing to existing pharmaceutical companies. This allows these companies to streamline their production process and focus their operating expenses on R&D, rather than the costly infrastructure, regulations, maintenance, and overhead associated with pharmaceutical production. This sale is a success not only for the seller and buyer but also for the City of Largo. The property and its new owners will continue to be a significant source of employment for the local community, previously employing upwards of 130+ people.
Do you have a property or need that you would like to discuss? Give us a call at 727-822-4715. For more information, please visit CPRteam.com and follow us on Facebook and Instagram.
