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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.

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