Mirae Asset recovers just 44 cents on the dollar after selling St. Pete FedEx hub

A large FedEx distribution center in north St. Petersburg sold for $58.2 million on Friday. The price is nearly $36.3 million lower than what investors paid for the property five years ago.

The deed recorded in Pinellas County lists WSRE CP Last Mile Investors LLC as the buyer and MAPS 1950 102 Avenue LLC as the seller. The 236,976-square-foot facility is located at 1950 102nd Avenue N. The new price is approximately 38% below the previous $94.5 million purchase price.

South Korean investment company Mirae Asset Global REIT held the property through an affiliated structure. An Oct. 23 financial disclosure confirmed the $58.2 million sale figure. The company originally invested about $37.8 million in equity. ChosunBiz reported the firm expects to recover roughly $2.3 million from the investment. Including past distributions, the company projects recovering about 44.4% of its original capital in Korean won terms.

The property sits on 63 acres near Interstate 275. FedEx Ground has operated there since 2017. The building features 61 dock-high loading doors and 30-foot ceilings. Space exists for a possible 75,000-square-foot expansion. The recorded deed does not mention changes to the FedEx lease or operations.

The sale follows a sharp rise in borrowing costs. The original 2021 purchase used a $56.7 million mortgage from Standard Chartered Bank at a 2.85% interest rate. Refinancing would have raised that rate to about 7.68%, according to ChosunBiz. The investment group sold to avoid committing more capital and to handle currency-hedging obligations. About $56.7 million of the sale proceeds will repay outstanding debt.

Tampa Bay industrial real estate faces pressure from rising vacancies. Cushman & Wakefield data shows the regional vacancy rate reached 8.2% in the third quarter, up from 7.6% a year earlier. Leasing activity dropped 38.1% compared to the same period in 2025. The market saw nearly 197,000 square feet of negative net absorption. Average asking rents rose 11.1% to $11.30 per square foot. Pinellas County vacancy stood at 6.5%, below the regional average.

WSRE CP Last Mile Investors LLC is a Delaware company registered in Florida in September. The buyer has not detailed its plans for the facility. Representatives from the buyer, Mirae Asset Global Investments, and JLL did not respond to requests for comment.