ORLANDO—Tampa's industrial market has a bright future, if you believe all the commercial real estate pundits. Some investors and developers are making their bets against that future right now.
A 683,750-square-foot industrial complex in Tampa, FL, just traded hands. The sale price on the value-added industrial real estate deal: $18.25 million.
CBRE Tampa-based brokers Brian Rettig, Gary Bauler, and Dale Peterson, represented the seller, LMIW II. CBRE also received the property management and leasing assignment from 6422 Harney Road LP to assist in the repositioning of the asset moving forward. 6422 Harney Road sold the asset, which is located at 6422 Harney Road. New ownership's plans call for major capital improvements to the asset and an overall repositioning to an institutional quality level.
“This food grade complex provides a multitude of temperature options for tenants; which range from freezer space for beef to baguettes, cooler space for produce to pickles, and then even ambient areas for apparel,” Rettig, first vice president with CBRE Industrial Properties tells GlobeSt.com. Updated since its 1976 construction, the industrial asset features over 430,000 square feet of 29-foot clear dry warehouse space, 183,000 square feet of 27'5” clear cold storage space, and additional ancillary office and mezzanine areas.
“This is an excellent value-add opportunity for 6422 Harney Road LP in the heart of the East Tampa/I-75 Corridor industrial submarket which is the Tampa Bay Region's largest,” says Rettig. “The location is highly coveted by many businesses due to its strategic access to Interstates 4 and 75, the Port of Tampa, and a consumer base of 8.6 million Floridians within a 100 mile radius of the property.”
Located approximately five miles from the Port of Tampa, the industrial building is the former distribution center and corporate headquarters for Kash n' Karry Food Stores, which supported 98 supermarkets, 35 liquor stores, and two super warehouse stores in Florida from the site. The complex has since been converted to a multi-tenant industrial building.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
