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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
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.