Viacom Sells 438,000-SF Warehouse for a Song

TAMPA, FL-International Ship Repair & Marine Services Inc., a 28-year-old maintenance company, is the new owner of a 438,000-sf warehouse on a prime 65-acre waterfront site at 6001 South Westshore Blvd. here, 80 miles west of Downtown Orlando.

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.