Two Tampa Bay Area Office Parks for Sale at $17.83 Million
TAMPA, Fla., March 6, 2017 – Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to present the opportunity to acquire the Tampa Bay Industrial/Flex Portfolio, a two-property office park portfolio. The properties are the Bay Tec Center in St. Petersburg and the Airport Corporate Center in Tampa. The listing price for the two properties is $17.83 million.
“Situated in two of the region’s best industrial submarkets, the offering is a great opportunity to acquire a pair of select infill properties at a discount to replacement cost and secure a substantial foothold in the market,” says Douglas Mandel, IPA senior director. “With 77 percent occupancy and average rental rates 15 percent below market, the portfolio provides steady cash flow and an opportunity to add value.”
Mandel and Nicholas Hanson, an office and industrial property investment specialist in Marcus & Millichap’s Orlando office, are representing the seller.
Built in 1985, the Bay Tec Center is located within the Gateway/Mid-Pinellas industrial submarket at 2810-2880 Scherer Drive North in St. Petersburg, approximately one half-block east of Roosevelt Boulevard and a quarter-mile northeast of 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 (State Route 589) at 6702-6712 Benjamin Road in Tampa. The office park 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, which provides visibility for tenants who require showroom space.