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Global Investor Lights Up in Pinellas Park

29 Sep 2015, 1:02 pm

By Balazs Szekely, Associate Editor

Gramercy Property Trust industrial building

One of the REIT’s industrial facilities

Gramercy Property Trust announced that it closed on the sale and leaseback of an industrial property totaling 131,800 square feet in Pinellas Park. The real estate investment trust acquired the property all-cash for $11.1 million.

Constructed in 1997 and expanded later in 2005, the warehouse is 100 percent leased to a global importer and retailer of fine cigars and cigar accessories. Upon closing, the tenant has renewed its agreement with the new ownership for fifteen years. The contract stipulates a new lease for the entire facility expiring in September 2030 with 2.5 percent annual increases. Year 1 net operating income will be approximately $771,000 (6.9 percent initial cap rate; 8.3 percent annualized straight-line cap rate).

Gramercy Property Trust is a global investor and asset manager of commercial real estate, specialized in acquiring and managing single-tenant, net-leased industrial and office properties purchased through sale-leaseback transactions or directly from property developers and owners. According to the company’s mid-year data, their nationwide portfolio of 172 properties—totaling 20.3 million square feet—maintained a 99.6 percent occupancy.

Photo via Gramercy Property Trust

Brazilian Investor Snaps up Nutrition S’Mart in Tampa

28 Sep 2015, 11:59 am

By Balazs Szekely, Associate Editor

Nutrition S'Mart

Nutrition S’Mart

The newly constructed Nutrition S’Mart located on Race Track Road in Tampa now has an international owner.

An unnamed Brazilian private investor acquired the property for $3,8 million in a transaction facilitated by Calkain Companies. According to the commercial real estate brokerage firm, the buyer was seeking to enhance his personal portfolio by converting his Brazilian Reals (BRL) into stable real estate investments in the United States. The sales price translated to a 5.79% cap rate.

The 10,000-square-foot property is located on Race Track Rd. in the Westchase submarket of Tampa and it is one of the seven Florida Nutrition S’Mart sites. Calkain’s team representing the seller was led by Executive Vice President and Managing Partner David Sobelman and Associate Director Teal Henderson.

“Newly built assets in Florida, with little to no landlord responsibilities are difficult to develop, let alone acquire. We had a great deal of competition for the asset. The sellers were pleased to maximize the value of the asset in which they just recently completed developing,” said Henderson in a prepared statement.

Photo credit: Calkain Companies

Global Firm Lands Contract for Airport-Area Portfolio

23 Sep 2015, 3:34 pm

By Balazs Szekely, Associate Editor

Airport Commerce Center

Airport Commerce Center

A Toronto-based global commercial real estate services company has been awarded the leasing assignment of an institutionally owned industrial portfolio in the Airport Industrial submarket of Tampa.

Avison Young will be in charge of leasing at EastGroup Properties‘ portfolio encompassing more than 1,35 million square feet in 31 buildings. The portfolio includes two buildings at the Airport Commerce Center, three at the Benjamin Distribution Center three at the Expressway Commerce Center, seven at the JetPort Commerce Park, four at the Tampa West Distribution Center, two at the Westlake Distribution Center, three at the Westport Commerce Center and seven at the 56th Street Commerce Park.

Principal Trey Carswell of Avison Young’s Tampa office will serve as the exclusive leasing agent for the portfolio.

The real estate firm opened its first Florida office in October 2012 and now represents close to 4 million square feet of agency industrial leasing assignments in the Sunshine State.

Photo credit: EastGroup Properties, Inc.

Vintage Hyde Park Portfolio Brought Up to Speed

23 Sep 2015, 11:22 am

By Balazs Szekely, Associate Editor

Hyde Park Apartments

Hyde Park Apartments

The 36-unit Hyde Park Apartment Portfolio situated in the A+ Hyde Park and South Tampa submarkets sold for $4.13 million, as announced by Marcus & Millichap’s Tampa office in mid-September. The identities of both parties involved in the transaction were undisclosed.

The portfolio is comprised of 30 one-bedroom/one-bathroom and five two-bedroom/two-bathroom units and a studio in three properties totaling 23,830 square feet. The Rome and Dekle communities are 1920s vintage assets located within a few blocks of each other in the Historic Hyde Park neighborhood. The third one is also a vintage community, built in the 1960s, and it is located just west of Memorial Hospital in the Palma Ceia Gardens neighborhood. The units range in size from 375 rentable square feet up to 1,025 rentable square feet.

An investment team led by Vice Presidents Michael P. Regan, Francesco P. Carriera and Casey Babb, along with Associates Cameron Barbas and Ari Ravi of Marcus & Millichap’s Tampa office marketed the property on behalf of the seller. The same team also secured and represented the buyer.

The new ownership plans to carry out a series of interior and exterior upgrades in order to bring rents in line with the current market rate. The portfolio sold at a cap rate of 6.54 percent.

Photo credit: Marcus & Millichap

National Company Moves HQ to Tampa Commons

21 Sep 2015, 4:57 pm

By Balazs Szekely, Associate Editor

Tampa Commons

Tampa Commons

Tampa Commons is now home to the corporate offices of a national aesthetics services company. Ideal Image Development Corp. has recently signed a lease agreement for 20,800 square feet to move its headquarters to the Class A office tower at 1 North Dale Mabry Highway in the Westshore submarket.

Vice President Sharon Bragg of JLL represented the landlord in the transaction, while John Esposito and Andrew Bell of Newmark Grubb Knight Frank spoke for the tenant. Ideal Image will occupy the entire 12th floor of the 13-story property.

The 254,808-square-foot Tampa Commons boasts a number of amenities, such as an on-site café, renovated restrooms and common areas and 360-degree views. The property is located within walking distance to a number of restaurants. Its tenant roster includes Travelers Indemnity Co., Time Customer Service and Wilkes & McHugh, P.A. According to JLL, the building is currently at 99% occupancy.

Photo credit: JLL

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