Cushman & Wakefield's Mike Davis says new ownership will be able to favorably position these assets. Cushman & Wakefield’s Mike Davis

ORLANDO—3350 Laurel Ridge Avenue just traded hands. The 1 million square foot regional distribution center is in suburban Tampa. Financial terms of the deal were not disclosed.

According to Cushman & Wakefield research, the transaction was the largest industrial sale in Tampa history in terms of both size and value. CushWake executive director Mike Davis, senior director Rick Brugge, and senior director Michael Lerner represented the seller, USAA Real Estate Company. Cole Office & Industrial REIT (CCIT II),  a non-listed REIT sponsored by Cole Capital, acquired the asset.

“The property ideally suits the current tenant’s needs, but its flexible, state-of-the-art design can easily accommodate future tenants of 100,000 square feet and up,” Davis tells GlobeSt.com. 3350 Laurel Ridge Avenue is located in Tampa’s Interstate 75 Corridor submarket, offering access to Florida’s second-largest city and a logistical advantage over competing properties that lack immediate access to Interstate 75.

“The property’s state-of-the-art features, outstanding location and limited competition made this an exceptional investment opportunity,” says Davis. “We believe that it truly is the highest-quality industrial building in Central Florida.”

3350 Laurel Ridge Avenue came online in 2014 and is 100% leased to an internationally-recognized Fortune 50 eRetailer. It is LEED Silver Certified and offers modern features such as 40-foot clear heights, a 200-foot truck court, 92 rear-load doors, 54-foot by 50-foot column spacing, an ESFR sprinkler system and generous trailer parking.