Linebaugh Industrial Should Turn Investor Heads

ORLANDO—5100 West Linebaugh Avenue, a class A 90,075-square-foot core-plus, fully occupied multi-tenant industrial building, is up for grabs. Avison Young is marketing the asset, which is located in Tampa's Airport-Westshore submarket.

Shining Star Properties is selling the industrial asset. Avison principal Trey Carswell and vice president of investment sales David Duckworth are listing the asset unpriced and expect a "brisk" sales process since the industrial property is a strong match for investors looking for high ROI.

"The Tampa Airport industrial submarket has continued to tighten over the last 12 months due to a combination of very strong tenant demand from both local and national tenants looking to enter this market and lack of large blocks of class A space available and virtually no developable land," Carswell tells GlobeSt.com. "This tightening, especially in the class A space 20,000 square feet and up, has translated into a fairly sharp increase in rental rates for such properties. On the investment side, the submarket's strong fundamentals and lack of available institutional-grade industrial investment properties are creating a competitive market."

Investors will take interest in this strategic location. The distribution warehouse and showroom is close to the Tampa Bay area's largest employment hub. It sits among 13 million square feet of office space with 4,000 business and over 93,000 employees.

The industrial asset has direct frontage on Linebaugh Avenue. That translates to building strong exposure to showroom tenants, including Empire Office, the world's largest commercial furniture dealer in the world.

"In a submarket with no new construction and vacancy below 5%, the lack of large blocks of quality industrial space make this asset extremely attractive for both investors and a patient owner/user," says Carswell. "With strong in-place income and upside potential of future rollover of below market leases, this institutional quality asset is available below replacement cost."

Built in 2002, 5100 West Linebaugh is a tilt-wall, 24-foot clear height, dock high building that sits on 5.32 acres. It is located minutes from Tampa International Airport, Saint Pete-Clearwater International Airport, and Port Tampa Bay and accessible from the most traversed thoroughfares in the region.