(To read more on the multifamily market, click here.)

TAMPA, FL-In a pricey submarket where multifamily-zoned dirt is going for $8 per sf, Bainbridge Communities paid Brandev LLC, an affiliate of locally based Metro Area Properties, $9 million or $281,250 per acre ($6.46 per sf) for a 32-acre tract. The Wellington-based company plans to develop a $50-million, 450 apartment community on the site.

Nearby, Brandev, based in suburban Brandon, plans to develop a two-story, 25,000-sf building on six retail-zoned acres for Metro Area Properties’ headquarters and general office leasing. Metro is also negotiating with several restaurants to anchor its 40,000-sf retail center under construction nearby, Chris Swenson, president, Metro Area Properties Swenson says.

The multifamily development site is in the southwest quadrant of Crosstown Expressway and Falkenburg Road, 10 miles from Downtown. The deal was done at this time just as Brandev was rezoning its land, Swenson tells GlobeSt.com. “Bainbridge made the right offer” at the right time, he says. The property is across the street from the future Outback Village.

No brokers were involved in the transaction which was complex because of multiple land owners holding title to various tracts in the 32-acre assemblage, Swenson tells GlobeSt.com. The deal took 19 months to complete, from contract signing to closing because “the very complex transaction involved numerous access and utility easements, as well as wetland issues,” Swenson says.

He concedes the amount Bainbridge paid is pricey but still below prices for some of the land in this submarket which is going for “$8 per sf and up. I believe it is a record [price] for Hillsborough County” on a per-sf basis, Swenson tells GlobeSt.com. “This is also Bainbridge’s first purchase in Tampa Bay so they wanted to make a splash with a premiere site location.”

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