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Industrial property near Tampa commands $28.5M
MDH Atlantic Acquisitions LLC of Atlanta bought the Compark 75 development for about $100 per square foot
Compark 75, one of the few Class A industrial properties in an area north of Tampa, sold for $28.5 million, or about $100 per square foot.
MDH Atlantic Acquisitions LLC of Atlanta bought Compark 75, a cluster of five industrial buildings in Lutz, about 20 miles north of Tampa in southern Pasco County.
The buildings at Compark 75, which span 285,615 square feet, were constructed starting in 2007.
Compark 75 was 91 percent occupied when the sale closed. Its tenants include Morgan Auto Group, Ortho Technology, Oscor, Streetside Classics and the U.S. General Services Administration.
Rick Brugge, executive director of Cushman & Wakefield and a member of the brokerage firm’s Tampa-based capital markets team, represented the seller, HR Pasco LLP, along with vice chairman Mike Davis and executive director Michael Lerner.
“There’s very little quality product of this type in Pasco County, and the market fundamentals there are strong,” Brugge said in a prepared told the Business Observer. “And there’s also a limited amount of land available for industrial development.” [Business Observer] – Mike Seemuth