The company states the sale resulted in a total return to the investors of 142.10% (calculated based on the aggregate amount of original capital invested in the property).
The merger will allow Synovus to increase its presence in high-growth Florida markets, including Pensacola, Tampa, Jacksonville, Orlando, Sarasota, and Naples.
At the mid-year point there is currently more than 5.5 million square feet of industrial space under construction in South Florida, a record high for the past 10 years, according to the Newmark Knight Frank second quarter report.
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