Thank you for sharing!

Your article was successfully shared with the contacts you provided.

TAMPA, FL-The three-building Telecom Technology Center, near Interstate 75 in suburban Temple Terrace, has been purchased by Framingham, MA-based Lepanto Realty Corp. for $10.9 million, or $81 per square foot. The all-cash, 1031 exchange deal traded at a cap rate of nearly 10.7%.

The seller, Lakewood, CO-based Alliance Commercial Properties LLC, had owned the 134,000-square-foot property since December 1999, paying $12 million, according to Hillsborough County property records. The buildings opened in the late 1980s.

Marcus & Millichap Real Estate Investment Services was on both sides of the deal, with Doug Mandel, associate vice president-investments with the Fort Lauderdale office, representing the seller and Nathan Wood, associate director in its Jacksonville office, serving on Lepanto’s behalf.

“The buyer was attracted to the Telecom Technology Center because it was fully occupied with stabilized rent rollover,” Mandel tells GlobeSt.com. “The Telecom Technology Center is an excellent long-term investment that will also provide solid double-digit returns in the short term.”

Located at 12911-13051 Telecom Way, the Telecom Technology Center consists of three single-story buildings with multiple tenants. The center includes surface parking for at least 500 vehicles.

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?

Dig Deeper


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.