The Real Deal Miami

Suburban Tampa offices fetch $133 per square foot

Marcus & Millichap guided the $11.4 million sale of the 3-story, 85,820-square-foot building
January 21, 2017 03:30PM

Palm Lake at Tampa Palms

Commercial real estate brokerage  Marcus & Millichap guided the sale of a three-story suburban office building in northeast Tampa for $11.41 million, or about $133 per square foot.

The three-story, 85,820-square-foot building, called Palm Lake at Tampa Palms, is located at 15310 Amberly Drive in Tampa, two-and-a-half miles south of the intersection of interstates 75 and 275.

Douglas K. Mandel, senior managing director investments in Marcus & Millichap’s Fort Lauderdale office, worked with senior associate Robbie McEwan, and associate Nicholas Hanson, both in the Orlando office, to represent the seller and procure the buyer.

Palm Lake at Tampa Palms was 88 percent occupied at the time of the sale. The Jaeb Center for Health Research, a nonprofit coordinating center for multi-center clinical trials and epidemiologic research, just expanded by occupying the entire third floor and extending its lease term for an additional seven years.

The property spans nearly six acres and its offices have private balconies overlooking oak trees and a lakeside courtyard.