Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CORAL GABLES, FL-A New York City-based private equity fund has acquired a nine-property, 710,500-sf portfolio in Tampa, Orlando, Lake Mary and Oldsmar for $77.8 million in an off-market deal. The seller was a Tampa-based commercial developer.

The portfolio is a 99% leased mix of class A industrial/flex space and office space in Tampa and Orlando. Seven buildings, with 430,000 sf, are located in the Pinellas County and airport submarkets of Tampa. The other two buildings are located in the Orlando submarkets of southwest Orange County and Seminole County. The portfolio increases the fund’s holdings to more than four million sf. Colliers Abood Wood-Fay senior associates David Metalonis and John Crotty and senior vice president Jay Ziv co-brokered the deal for the buyer.

Crotty says the buyer and seller were not identified due to confidentiality agreements. The portfolio was sold because the seller was seeking to dispose of some assets and invest in other properties. “This was a challenging deal because it was during the course of the credit crunch,” Crotty tells GlobeSt.com. “But the buyer did what it said it was going to do and the deal was completed.”

The portfolio consists of 580 Corporate Center, a six-building, 375,000-sf class A flex office/industrial property in Oldsmar; 54,000-sf flex property at 5201 Tampa West Blvd; 121,000-sf Lake Mary Distribution Center at 38 Skyline Dr. in Lake Mary; and 160,000-sf building at 7000 Kings Point Parkway in Orlando.

The portfolio will be managed and leased by Colliers Abood Wood-Fay in conjunction with Colliers Arnold, its Central Florida counterpart. “The buyer is planning to fully lease the properties and, when there is rollover, renew leases at higher rates or replace tenants at higher rates,” Crotty says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.