Bob Dockerty & Joe Hepp of Dockerty Romer & Co. have arranged $13,823,000 in mortgage financing and a future funding facility for one of our Institutional Investor clients newest industrial portfolio acquisition, a 532,000 SF Industrial portfolio known as Westbay Corporate Center, MetroPointe Commerce Park, and Joe’s Creek Industrial Park. The Westbay & MetroPointe properties are located in the Gateway Sub-Market in Mid-Pinellas County, St. Petersburg FL spanning over 39 acres at the interchange of I-275 & Gandy Blvd. While Joe’s Creek, on over 11 acres, is located in one of the premier industrial sub-markets of St. Petersburg, less than five (5) miles north of downtown St. Petersburg. Currently 67% occupied, the portfolio provides tremendous upside opportunity for our client.
Dockerty and Hepp arranged the financing on behalf of their client through regional bank, Bank of the Ozarks. The loan proceeds were utilized for the acquisition and to provide a funding facility for future tenant improvements and leasing commissions.
Dockerty commented that, “Both the Borrower and the Lender were highly focused and professional in all areas of this transaction, which resulted in completing this transaction, in a very short time frame.” Hepp stated that, “It was truly a pleasure working with an extremely experienced and knowledgeable borrower, our client is very bullish on the St. Petersburg industrial sub-market.”
Dockerty Romer & Co. based in Delray Beach, Florida is a full service commercial mortgage banking and real estate brokerage company specializing in the capitalization of income producing properties. Dockerty Romer & Co. has closed nearly $6 Billion of real estate transactions since its inception in January 2000.