Tampa office park in the I-75 Corridor sells for $11.39 million

Rezul News/10522744
Colliers facilitates the sale and debt financing for Interstate Business Park, a seven-building office property

TAMPA, Fla. - Rezul -- An affiliate of Cardinal Point Management, LLC, a Tampa-based investment and property management firm, has sold a seven-building office park in Tampa's I-75 Corridor submarket for $11,385,000.

With five two-story buildings and two one-story buildings, the park totals 121,918 square feet of office and flex space on 12.5 acres. The property is located at 4508 Oak Fair Blvd. in Tampa, just south of the Interstate 4 and U.S. 301 interchange, across the street from the Florida State Fairgrounds and MidFlorida Credit Union Amphitheatre.

Paul Carr and Todd Tolbert of Colliers represented the seller, Cardinal Point Management, LLC, in the transaction. The buyer was self-represented. Don Jennewein and Nathan Lynch of Colliers provided the debt financing to the buyer, Westmount Realty Capital, LLC. The acquisition is Westmount's first office property in Florida.

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At the time of the sale, Interstate Business Park was approximately 73% leased. Notable tenants include Cohen Veterans Network, Ferguson Enterprises, Kissinger Campo & Associates, Flatwoods Consulting Group, and the Florida Department of Agriculture.

The seller completed a significant amount of capital improvement projects at the park since acquiring it in 2011 for $4,900,000, including substantial investments in summer 2020.

"The seller meticulously maintained the property, and with approximately 25% of the park still available to lease up, the buyer was able to step into an attractive investment that is primed for stabilization," Paul Carr, Executive Managing Director, Investment Services for Colliers. "This property is perfectly positioned to benefit from the ongoing wave of tenants focusing on well-located, low-rise and single-story suburban office buildings."

Cardinal Point Management was retained to handle leasing and property management for the office park.

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About Colliers International

Colliers International (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 68 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to maximize the value of property for real estate occupiers, owners and investors. For more than 25 years, our experienced leadership, owning approximately 40% of our equity, has delivered compound annual investment returns of almost 20% for shareholders. In 2019, corporate revenues were more than $3.0 billion ($3.5 billion including affiliates), with $33 billion of assets under management in our investment management segment. https://www.colliers.com/en

Source: Colliers
Filed Under: Real Estate

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