Ventures III, sponsored by AIC Ventures, paid $5.5 million or $44.39 per sf for the property built in phases from 1969 to 1986. TRAK will remain on the property at 4726 Eisenhower Blvd. with a 15-year lease carrying an estimated value of $9.3 million. The lease also gives TRAK four five-year renewal options.

Rick Gartner of Dallas-based GNL Properties, who negotiated for Ventures III, tells GlobeSt.com quoted average rents in the Tampa International Airport submarket for comparable properties are in the $7-per-sf to $8-per-sf range.

"We set the rent for the sale/leaseback at roughly 30% below market," Gartner says. James Cate, David Caldwell and Cameron Kennedy of Julien J. Studley Co.'s Atlanta office represented TRAC.

"We kicked this deal off in September of last year, possibly the worst time, given world conditions at that time, but were able to finally pull it together." Cate tells GlobeSt.com.

TRAK makes electronic and microwave components for the telecommunications and defense industries. Cate says TRAK plans to invest "a few million dollars" in upgrading the building.

"They decided to lease rather than own so that they could make better use of their capital," the broker says. "It didn't make sense to them at this time to tie up a lot of money in real estate" instead of putting the funds into company growth and expansion.

Instant Insights /

Dallas Firm Closes Estimated $15M Sale/Leaseback With Tampa's TRAK

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