Clearwater Industrial Facility Sells for $23.25M
AIC Industrial acquired the 121,297-square-foot industrial facility at 1700 Sunshine Drive in Clearwater for $23.25 million from ATM Investment Property 1700 LLC.
AIC Income Fund III Sunshine LLC, an AIC Industrial affiliate, paid $23.25 million for the 121,297-square-foot industrial facility at 1700 Sunshine Drive in Clearwater. ATM Investment Property 1700 LLC sold the 7.73-acre Pinellas County asset.
American Tool & Mold, a plastic injection molding products developer, occupies the facility. AIC Industrial announced the acquisition October 6 as part of a two-property Tampa purchase totaling 137,000 square feet.
The sale follows the prior owner's financial distress. ATM filed for bankruptcy July 24 (case 8:26-bk-04148). An EverBank appraisal valued the facility at $19.88 million as of February 5, roughly $3.4 million below the sale price.
- Address
- 1700 Sunshine Drive, Clearwater, FL 33765
- Sq ft
- 121,297
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