The Real Deal Miami

Delray firm fetches $13.8M loan for St. Pete portfolio

The unidentified industrial property investor got acquisition financing and a future funding facility

May 21, 2016 10:00AM

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Downtown St. Petersburg

Downtown St. Petersburg

Delray Beach-based Dockerty Romer & Co. arranged $13.8 million of mortgage financing and a future funding facility secured by an industrial property portfolio in St. Petersburg

Bob Dockerty and Joe Hepp of Dockerty Romer helped an unidentified client obtain the loan from Bank of the Ozarks to finance the acquisition of the St. Petersburg portfolio and to fund future leasing commissions and tenant improvements.

The Dockerty Romer due arranged financing for a trio of industrial properties spanning 532,000 square feet comprise the industrial portfolio.

Two industrial properties called MetroPointe and Westbay span more than 39 acres at the interchange of Gandy Boulevard and Interstate 275.

The other property in the portfolio, called Joe’s Creek, occupies more than 11 acres about five miles north of downtown St. Petersburg.

The combined occupancy rate of the portfolio is 67 percent.

“Our client is very bullish on the St. Petersburg industrial sub-market,” Dockerty said in a press release.