Institutional Property Advisors Brokers Seven-Building Office Park Sale in Tampa
September 17, 2025
TAMPA, Fla., Sept. 17, 2025 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) dedicated to serving the company’s institutional clients, announced today the sale of Park at Bay Plaza, a seven-building, 186,239-square-foot office park in Tampa, Florida. The property traded for $17.55 million.
“This single-story flex office asset is 85% occupied by a diverse tenant base with a weighted average lease term of over three years, which offers a clear path to increased revenue as leases renew and rents adjust to market levels,” said Douglas Mandel, IPA executive managing director investments. “The Tampa office vacancy rate is below 9%, highlighting demand for office space and further lease-up potential.” Mandel, along with Zach Levine and James Defusto of Marcus & Millichap represented the seller, Tavaco Properties, and procured the buyer, Albany Road Real Estate Partners.
The office park is in East Tampa, close to East Adamo Drive/State Route 60, U.S Route 301, Interstate 4, Interstate 75, and the Selmon Expressway. The location connects the property to Downtown Tampa, the Port of Tampa, and Tampa International Airport. The population within a three-mile radius is over 75,300.
Constructed on 13 acres between 1974 and 1985, Park at Bay Plaza’s 65 units range from 379 square feet to 9,348 square feet. The tenant base is 30% medical tenants and includes professional services, and logistics businesses.
“This single-story flex office asset is 85% occupied by a diverse tenant base with a weighted average lease term of over three years, which offers a clear path to increased revenue as leases renew and rents adjust to market levels,” said Douglas Mandel, IPA executive managing director investments. “The Tampa office vacancy rate is below 9%, highlighting demand for office space and further lease-up potential.” Mandel, along with Zach Levine and James Defusto of Marcus & Millichap represented the seller, Tavaco Properties, and procured the buyer, Albany Road Real Estate Partners.
The office park is in East Tampa, close to East Adamo Drive/State Route 60, U.S Route 301, Interstate 4, Interstate 75, and the Selmon Expressway. The location connects the property to Downtown Tampa, the Port of Tampa, and Tampa International Airport. The population within a three-mile radius is over 75,300.
Constructed on 13 acres between 1974 and 1985, Park at Bay Plaza’s 65 units range from 379 square feet to 9,348 square feet. The tenant base is 30% medical tenants and includes professional services, and logistics businesses.
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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.