Tampa Cold Storage Project Gets $40M
Sansone Group secured a $26.6 million loan and $13 million in equity, arranged by JLL.
Tampa Cold Logistics site. Image courtesy of JLL
Sansone Group has received $26.6 million in construction financing for Tampa Cold Logistics, a cold storage development in the Ybor City area of Tampa, Fla. JLL Capital Markets worked on behalf of the company in closing on the financing, in the form of a three-year, floating-rate construction loan. Additionally, the company also secured $13 million in joint venture equity from BentallGreenOak.
Sansone Group purchased the land for $3.3 million in June 2022, and partnered with Mandich Group and BGO, appointed Indiana-based Tippmann Construction as general contractor in charge, according to Hillsborough County public records.
Tampa Cold Logistics will total 108,544 square feet and will include 45-foot clear heights, 17 dock doors, temperature capabilities between -10 and 34 degrees Fahrenheit, and a split HVAC system designed for multi-tenant occupancy.
The 7.3-acre site is located at 3601 E. Third Ave., close to interstates 4 and 275, 2 miles from Port Tampa Bay and downtown Tampa and 10 miles from Tampa International Airport. Additionally, the property will be near Tampa’s CSX Railway Systems, to the CSX Intermodal Terminal and to Interstate 75, allowing easy access to Port Charlotte, Fla., and Fort Myers, Fla.
A JLL Capital Markets advisory team including Senior Managing Director John Huguenard and Managing Directors Melissa Rose and Luis Castillo, together with Director Michael DiCosimo, negotiated on behalf of Sansone Group. Last fall, the same company assisted IDS Real Estate Group in securing $124 million in post-close acquisition financing for its 1.2 million-square-foot cold storage facility in Riverside, Calif. Northwestern Mutual provided the 10-year fixed-rate loan.
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