South Florida-Based Joint-Venture Between Genet Property Group and The Geneva Group Acquires Executive Industrial Park from an Institutional Owner
TAMPA, FL, January 14, 2019 – Cushman & Wakefield has arranged the sale and financing for Executive Industrial Park, a high-quality infill logistics center in Tampa. Pricing was undisclosed for the 201,620-square-foot value-add property, which consists of seven small-bay warehouse/distribution buildings.
The Cushman & Wakefield Investment Sales Team of Executive Director Rick Brugge, Vice Chairman Mike Davis and Executive Director Michael Lerner represented a national owner and operator of industrial real estate in the disposition.
Senior Director Jason Hochman and Senior Director Chris Lentz, of Cushman & Wakefield’s Equity, Debt & Structured Finance Group, assisted a joint-venture between Genet Property Group and The Geneva Group in securing financing to acquire the property. The team secured a long-term, fixed-rate loan from a life insurance company.
Genet Property Group and The Geneva Group are real estate investment and property services firms. Both based in South Florida, they are looking to jointly expand their portfolio of small-bay industrial properties across the state.
“We were happy to secure this long-term financing with a low fixed rate for our clients,” said Hochman. “Given the quality of the property and the strong operational reputation of our clients, we had several lenders interested. We ultimately chose a lender providing the best terms who closed the transaction quickly and efficiently.”
Executive Industrial Park is currently 94 percent leased to a diverse group of tenants, including Cook & Boardman, A&A Printing and Scientific Research Corporation.
The property is situated on 11.64 acres at 6089-6205 Johns Road, in Tampa’s Airport Industrial Submarket, which is highly sought after by local distributors, manufacturers, defense contractors and airport-related businesses, and has one of the lowest vacancy rates in the region at 3.6 percent. The location provides unparalleled access to residents of Hillsborough, Pinellas and Pasco counties via the Veterans’ Expressway, Suncoast Parkway and Interstate 275.
“Executive Industrial Park is located in one of Tampa Bay’s most in-demand industrial submarkets due its central location within the MSA, proximity to Tampa International Airport and access to high-quality housing that serves its employee base,” said Brugge. “Further, the exceptionally limited number of remaining development sites within the submarket limits additional future competition and will result in strong rental rate growth well into the future for this property.”
The seven buildings within the property were completed between 1981 and 2000 and consist of concrete tilt-wall and steel column construction with clear heights varying from 12 to 18 feet. With five of seven buildings having dock loading and suite sizes ranging from 1,800 to 12,000 square feet, the property offers small-bay industrial space designed for small- to medium-sized users.
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