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TAMPA, FL-In a market where 5,000-sf to 40,000-sf industrial buildings sell for a premium, RK Real Properties Inc. chalked up a bargain deal in acquiring a 32,000-sf structure on the city’s east side for $905,000 or $28.28 per sf, far below replacement cost for the 36-year-old property.

ML Real Estate Inc. of Tampa sold the building to RK’s Carrollwood Window and Door Inc. which will occupy the entire property. Carrollwood had been searching for a comparable property for three months.

“Due to the interest rates beginning to slowly rise, there has been an influx of buyers in the market and not enough product,” Trey Carswell, associate of industrial services in the local office of Advantis Real Estate Services Co./GVA, tells GlobeSt.com. “With Carrollwood, we lost a couple of deals because we did not move quick enough.” Carswell and Mark Cooney, senior director of Advantis industrial services, negotiated for Carrollwood.

Carswell says he recently represented another buyer “in a failed attempt” to purchase a 32,000-sf warehouse in the East Tampa market. “The reason we were unsuccessful was because the building ended up selling for about $40,000 above the list price due to a bidding war among buyers.”

Carswell adds, “In today’s market, I have found that the buyer really needs to be pre-qualified with a lender and be prepared to put a property under contract the same day they locate it. If there is any stalling, chances are another buyer will beat you to the punch.”

Carrollwood’s acquisition at 5210 Hanna Ave. was on the market for about a year. “Due to the previous tenant going bankrupt, we had to wait for the owner to hold an auction to sell the previous tenant’s equipment and also to do a thorough cleaning of the building, inside and out,” Carswell tells GlobeSt.com. The building had formerly housed an auto parts business which used the property as a distribution site.

Carrollwood is relocating from 15,000-sf space at 13725 N. 12th St. in Tampa. The deal took about three months to complete, from contract signing to closing, Carswell says. Tim Callahan of Cushman & Wakefield of Florida Inc. represented the seller.

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