Cole Office & Industrial REIT (CCIT II), Inc., a Phoenix-based public, non-listed REIT formed in 2013, has purchased a 1.1-million-square-foot fulfillment center in Florida for $103.6 million, marking the largest industrial property sale in Tampa Bay history in terms of both size and value, according to Cushman & Wakefield data. The massive fulfillment center at 3350 Laurel Ridge Avenue in Ruskin, Florida was sold by San Antonio-based USAA Real Estate Co., which bought the land in 2013 from Minneapolis-based Ryan Companies U.S. Inc. for $14.63 million to develop the warehouse. Terms of the sale were not disclosed.
"The property's state-of-the-art features, outstanding location and limited competition made this an exceptional investment opportunity," said Mike Davis of Cushman & Wakefield, which represented the seller, USAA Real Estate Co. "We believe that it truly is the highest-quality industrial building in Central Florida." in 2013, county commissioners voted to waive half of Amazon’s property tax bill for the first seven years, or about $6.4 million in total, Tampa Bay Times reported.
USAA Real Estate Co., which works with Amazon in developing its distribution centers, signed a long-term lease with the internet giant for the warehouse that's responsible for picking, packing and shipping items for most orders to Florida, and created 2,500 new jobs in Ruskin. Since the Ruskin Amazon facility opened on Sept. 17, 2014, it has more than doubled its workforce, from 1,000 full-time employees to more than 2,500, said Chris Monnot, the general manager. A renovation of the center, which is the size equivalent of more than 28 football fields, was completed in October 2015. That project added new levels of work space, more conveyors and workstations, and made it larger in terms of cubic square footage than Amazon's other Florida facility in Lakeland.
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