NNN Industrial - First Nation Group - Saint Petersburg, FL

Strong in-place yield with immediate upside: At the target pricing, this asset offers an attractive mid-7% cap rate day one supported by short-term leases at below-market rents. If the tenant exercises its 2-year option, investors lock in a strong yield for ~5 years; if not, the short terms allow for immediate mark-to-market re-leasing and NOI growth, ensuring a favorable outcome in either scenario.
Strong South Pinellas fundamentals: The South Pinellas industrial market remains strong, with rents up 8% year-over-year and vacancy near historic lows. Limited land and high entry barriers restrict new supply, while steady multi-industry demand drives ongoing rent growth and asset appreciation.
Strategic location: In central St. Petersburg, the property offers quick access to I-275, US-19, and key east–west routes. Its proximity to the Port of Tampa, St. Pete–Clearwater International Airport, and a dense local population supports both logistics efficiency and a strong labor pool.
Diverse economic base: With active sectors in logistics, light manufacturing, marine services, healthcare, and local services, South Pinellas benefits from steady tenant demand and market stability across economic cycles.
NNN lease with established operator: First Nation Group has recently acquired the tenant, Veterans Medical. This opportunity provides investors with the rare ability to purchase an asset with an in place net lease with a strong operator.
Low-cost basis relative to replacement cost: Priced well below current Tampa Bay industrial construction costs ($150–$200+ per sq. ft.), the property offers instant value and upside from ongoing rent growth—without the delays or risks of new development.

Navigation Menu

Key Information

Highlights

Photos

Location

Agents

Broker of Record

Kyle Matthews