Link Industrial Properties Acquired the 955,000-Square-Foot, Core-Plus Industrial Asset
TAMPA, FL, July 11, 2019 – Cushman & Wakefield has negotiated the sale of Tampa Distribution Center, a Class A industrial facility in Tampa’s premier Eastside submarket. The six-building, 955,000-square-foot asset sold for $69.25 million.
The Cushman & Wakefield Investment Sales Team of Vice Chairman Mike Davis, Executive Managing Director Rick Brugge and Director Rick Colon represented High Street Realty Company, a Boston-based private equity real estate investment company, in the disposition. The buyer is Link Industrial Properties, Blackstone’s U.S. industrial real estate operating platform.
At 1212 N. 50th St., Tampa Distribution Center has an in-fill location at the center of the Tampa Bay metropolitan area. The property is located just off the Selmon Expressway, and is easily accessible from several major transportation arteries, inlcuding Port of Tampa, Interstate 4, Interstate 75 and Tampa International Airport. It is also four miles from downtown Tampa and adjacent to UPS’ Tampa hub. The central location and superior accessibility allow for “last-mile” e-commerce delivery to 90 percent of the MSA’s population, or 2.7 million residents, within 45 minutes.
Tampa Distribution Center consists of six dock-high, front-load and flow-through industrial buildings on 51 acres. Suite sizes range from 2,500 to 90,000 square feet and an average 15,000 square feet. The property is currently 94.6% leased, and notable tenants include Lansing Building Products, Consolidated Container Company, Feeding America Tampa Bay, Courier Express, General Insulation Company Inc. and Storopack Inc.
“The market for functional, in-fill multi-tenant industrial assets remains very strong,” said Brugge. “These assets tend to perform well over time, and institutional investors have come to value the stability they provide to their portfolios. Tampa Distribution Center is a great example of a property that fits these characteristics.”
Added Davis, “This project’s ability to accommodate small, medium, and large users provides stable cash flow as tenants can expand and contract within the park. Further, high barriers to entry and a lack of industrial sites for development in the Eastside submarket will help position Tampa Distribution Center for future rent growth.”
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Communications Specialist, Florida