The seller was another joint venture, Miami-based Adler Group and New York-based Apollo Real Estate Investors. This was Lutz-GE's first investment in the Tampa market. iCap Realty Advisor's Michigan office arranged acquisition financing through UBS Real Estate Investments Inc. UBS director Matthew Kirsch represented his firm in the deal. Mike Davis of Cushman & Wakefield of Florida Inc.'s Tampa office negotiated for Lutz-GE.
Tri-County Business Park's single-story, multi-tenant office and work space buildings have both dock high and grade level loading for its 110 tenants.
"This acquisition was an opportunity for us to acquire a critical mass in one of our key markets," says Adam M. Lutz, a principal at Lutz Real Estate Investments. "Its proximity to decision makers residing in the nearby upscale communities, its access to a significant labor pool and a lack of competitive industrial-zoned development sites will secure Tri-County's position well into the future."
Adam Lutz says his firm and GE will be doing other acquisition deals. Tri-County Business Park was the JV's first transaction. A GE spokesman says his company "will continue to rely on the experience of Lutz to find value-added investment opportunities like Tri-County in target markets." Lutz Real Estate Investments has been acquiring, developing and redeveloping commercial and multifamily properties for 40 years.
Adam Lutz calls his company "a boutique firm with institutional financial strength." He says the company's goal is to "aggressively pursue real estate in selected target markets." Lutz Real Estate Investments is currently scouting for assets in all property types, ranging from $20 million to $300 million, Adam Lutz says.
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