Miami-based City National Bank of Florida sold a two-building commercial development near Tampa for $9.225 million, or about $112 per square foot, with representation from brokerage firm Marcus & Millichap.
City National sold the 82,330-square-foot Crescent Park development in Riverview as trustee of a land trust agreement dated March 27, 2008. The new owner, John Navrati, closed the purchase September 20.
Built in 2007, Crescent Park comprises two office/flex buildings on a 9.25-acre site at the intersection of U.S. Highway 301 and Interstate 75, close to the Port of Tampa.
One of the buildings measures 53,450 square feet and is fully occupied with eight tenants. The other is a single-tenant building spanning 28,880 square feet. It is occupied by Cardno Entrix, a publicly traded company listed on the Australian Securities Exchange,
“Crescent Park provides Mr. Navratil with two fully stabilized, newly constructed flex buildings with long-term credit tenancy and a strong return on his investment,” Douglas K. Mandel, a senior vice president of Marcus & Millichap’s Fort Lauderdale office, said in a written statement.
Mandel negotiated the sale of Crescent Park with two Marcus & Millichap colleagues in the firm’s Orlando office, senior associate Robbie McEwan and industrial and office investment associate Nicholas Hansen.