Tampa-area business parks trade for $16M

A California firm paid about $69 per square foot for two business parks with 231,867 square feet of light industrial space

Sep.September 03, 2017 09:30 AM

Airport Corporate Center in Tampa

A portfolio of two Tampa-area business parks with light industrial space totaling more than 200,000 square feet sold for $16.09 million.

Laguna Niguel, California-based real estate investment firm Avistone paid about $69 per square foot for the Airport Corporate Center in Tampa and the Bay Tec Center in St. Petersburg.

The two business parks have a total of 14 light industrial/flex buildings with 231,867 square feet of space.

The Airport Corporate Center, built between 1982 and 1984, is located at 6702-6712 Benjamin Road in Tampa. The Bay Tec Center was built in 1985 at 2810-2880 Scherer Drive North in St. Petersburg.

The seller was Calare Properties, a private Massachusetts-based real estate investment firm and operator.

Institutional Property Advisors, a division of brokerage firm Marcus & Millichap, represented the seller and procured the buyer.

The exclusive listing to market the portfolio was held by Douglas K. Mandel, senior managing director of the Marcus & Millichap office in Fort Lauderdale, and Nicholas Hanson, an office and industrial property specialist in the brokerage firm’s Orlando office.

Related Articles

Rendering of Bridge Point 595 and Kevin Carroll

Bridge Development nabs $60M loan for Davie industrial project

3208 Northwest 72 Avenue and Blackstone CEO Stephen Schwarzman (Credit: Google Maps and Getty Images)

Blackstone buys industrial portfolio near Miami airport for $56M

Miami developer Dan Kodsi plans large St. Petersburg project that could cost $2B

South Florida firm, partner acquire Tampa office building for $29.4M

Related Group pays $26M for rental complex in Tampa’s Bayshore area

Public Storage CEO Ronald Havner (Credit: Twitter)

Public Storage picks up industrial portfolio in Miami-Dade for $63M

The late George Steinbrenner’s mansion in South Tampa hits the market

JPMorgan Chase Bank lends $36M for Pompano Beach industrial development