Institutional Property Advisors Sells Industrial Portfolio in Tampa
April 28, 2023
TAMPA, Fla., April 28, 2023 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of a three-property industrial portfolio totaling 223,644 rentable square feet in Tampa, Florida. The portfolio sold for $33 million.
“Located throughout the Greater Tampa Bay area, the portfolio has historically been highly occupied by long-term tenants and was over 96% occupied at the time of the sale,” said Douglas K. Mandel, IPA executive managing director. Mandel, who leads Marcus & Millichap’s IPA Office & Industrial team in Florida represented the sellers, and procured the buyer, Basis Industrial.
The properties are Brandywine Business Center and Corporex Plaza, located in Tampa’s East Side commercial area near Interstate 4, and Presidents Plaza Business Center, which is in the Westshore submarket near Tampa International Airport.
Brandywine Business Center and Corporex Plaza have a mix of dock-high and grade-level loading docks, and Presidents Plaza has grade-level loading. Constructed between 1984 and 1988, the portfolio’s tenants include local and regional businesses including Joffrey’s Coffee, Global Alliance Distributors, Ademco Inc., E-Med Source and Tri-Ed Distribution. Mandel sold the portfolio to the previous owner for $25 million in May 2008.
“Located throughout the Greater Tampa Bay area, the portfolio has historically been highly occupied by long-term tenants and was over 96% occupied at the time of the sale,” said Douglas K. Mandel, IPA executive managing director. Mandel, who leads Marcus & Millichap’s IPA Office & Industrial team in Florida represented the sellers, and procured the buyer, Basis Industrial.
The properties are Brandywine Business Center and Corporex Plaza, located in Tampa’s East Side commercial area near Interstate 4, and Presidents Plaza Business Center, which is in the Westshore submarket near Tampa International Airport.
Brandywine Business Center and Corporex Plaza have a mix of dock-high and grade-level loading docks, and Presidents Plaza has grade-level loading. Constructed between 1984 and 1988, the portfolio’s tenants include local and regional businesses including Joffrey’s Coffee, Global Alliance Distributors, Ademco Inc., E-Med Source and Tri-Ed Distribution. Mandel sold the portfolio to the previous owner for $25 million in May 2008.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.