Airport Corporate Center
Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of the Tampa Bay Industrial/Flex Portfolio, a two-business park portfolio consisting of the Airport Corporate Center in Tampa and the Bay Tec Center in Saint Petersburg. The assets feature 14 prime, light-industrial/flex buildings totaling 231,867 square feet. The portfolio sold for a total of $16,097,500.
Douglas K. Mandel, senior managing director in Marcus & Millichap’s Fort Lauderdale office and Nicholas Hanson, an office and industrial property investment specialist in Marcus & Millichap’s Orlando office, had the exclusive listing to market the property on behalf of Calare Properties, a private Massachusetts-based real estate investment firm and operator. The IPA team also procured the buyer, Avistone, a real estate investment firm based in Laguna Niguel, California.
In 2017, the IPA team of Mandel and Hanson also represented the sale of Palm Lake Office in Tampa, Vology’s corporate headquarters in Clearwater and the BMO Bank building in Bradenton.
“The Tampa Bay market is a core market for our team,” states Mandel. “We are seeing a significant amount of investor interest in the market from South Florida and out-of-state.” “The combination of stable cashflow and upside protentional through lease up and increasing rents provides a significant value add opportunity in two of the most land constraint industrial submarkets in the Tampa Bay Market,” added Hanson.
The Bay Tec Center was built in 1985. It is located within the Gateway/Mid-Pinellas industrial submarket at 2810-2880 Scherer Drive North in St. Petersburg, near Roosevelt Boulevard and Interstate 275. The office park features two dock-high small bay/flex distribution spaces and six grade-level flex/office service center buildings.
The Airport Corporate Center was built between 1982 and 1984 and is located within the Westside/Airport submarket along the east side of Veterans Expressway at 6702-6712 Benjamin Road in Tampa. The office center features two dock-high small bay flex space buildings and four grade-level flex/office service center buildings, two of which have frontage on Benjamin Road.
With a network of senior-level investment advisors located throughout the United States, Institutional Property Advisors (IPA) is qualified to meet the needs of institutional and major private investors. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, superior support services and acclaimed research offer customized solutions for the acquisition and disposition of institutional properties and portfolios.