ORLANDO—Tampa Distribution Center, a 955,000-square-foot industrial campus in Tampa, FL, just traded hands. In terms of square feet, Cushman & Wakefield Research reports that this is the largest single-site industrial transaction in the Tampa market since January 2010. Financial terms of the deal were not disclosed.
Cushman & Wakefield executive director Mike Davis, senior director Rick Brugge, and senior director Michael Lerner represented owner, MetLife Real Estate Investors, in the transaction. CushWake was also retained by the buyer to handle leasing and management of the industrial facility.
“This is a prime infill industrial investment with close proximity to the growing urban core making it highly desirable for tenants from both a distribution and employment perspective,” Davis tells GlobeSt.com. Last week, Davis, Brugge, and Lerner completed the largest overall industrial transaction in the past six quarters when it closed the $103-million sale of a 1.7-million-square foot industrial portfolio in Pinellas County.
Boston-based High Street Realty acquired the industrial asset and selected CushWake director Julia Silva Rettig as exclusive leasing agent for the industrial property. High Street also tapped Cushman & Wakefield’s Investor Services team, led by managing director Tim Rivers, to manage the facility.
Tampa Distribution Center sits on a 53.8-acre parcel located at 1212 North 50th Street in Tampa. The facility was built in 1973 and has a combination of six small- to mid-bay distribution buildings serving tenants ranging from 2,500 to 90,000 square feet in size. The average suite size is 15,000 square feet. Notable tenants include Lansing Building Products, Consolidated Container, Motion Industries, Ricoh, and Brighton Best.
All buildings at Tampa Distribution Center are dock-high, tilt-wall construction with primarily 20-foot clear heights, and 50-foot by 50-foot column spacing. Buildings Three, Four, and Five feature a flow-through design, providing both dock-high loading in the front and grade-level loading in the rear. This unique feature is coveted by users.
“The superior location, along with ability to accommodate small- to medium-size users, will ensure Tampa Distribution Center’s competitive edge now and well into the future,” says Davis. Tampa Distribution Center is located in the heart of Tampa’s premier East Side submarket, the largest submarket in Tampa with the most institutional product.
With immediate access to the Lee Roy Selmon Expressway, Interstate 4 and Adamo Drive (State Road 60), Tampa Distribution Center is a strategic location for distributors, manufacturers and service companies. Its location on 50th Street and Adamo Drive provides easy access to Interstate 275 and Interstate 75 as well.