International Ship paid $6 million or $13.69 per sf to New York-based Viacom Realty Inc., the real estate arm of Viacom Inc., a global media leader in movies, television, radio and the Internet. The replacement cost for a comparable building is in the $25 per-sf to $35 per-sf range, construction industry estimators familiar with similar properties tell GlobeSt.com on condition of anonymity.
The structure provides direct access to Tampa Bay, home of numerous ocean-going vessels. Viacom picked up the surplus warehouse in its $34.5 billion corporate acquisition of CBS on Sept. 7, 1999--the largest media transaction on record.
Binswanger/CBB represented Viacom Realty in the warehouse transaction.
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