Moffitt Cancer Center Acquired the Former Home of Sypris Electronics Near the University of South Florida and Florida Hospital Tampa
TAMPA, FL, June 20, 2017 — Cushman & Wakefield announced today that it has negotiated the sale of a ±318,171-square-foot industrial building on a ±21.8-acres site at 10901 North McKinley Drive near the University of South Florida and Florida Hospital Tampa.
Cushman & Wakefield Executive Managing Director Mike Davis, Director Julia Silva Rettig and Associate Jessica Mizrahi represented building owner Sweetwell Industrial Associates L.P. Limited in the disposition. Moffitt Cancer Center, represented by Savills Studley’s Cheri O’Neil, acquired the property for $11.75 million.
Currently on the site at 10901 North McKinley Drive is a one-story, light-manufacturing facility developed in 1970. The building offers concrete block exterior walls, a steel frame roof covered with built-up tar and gravel, concrete interior flooring, 22-foot clear heights and air conditioning. The fenced site features ample parking and a guard house.
The asset is situated in Tampa Industrial Park in the Terrace Park neighborhood. This location provides immediate access to the University of South Florida and Florida Hospital Tampa to the north, Busch Gardens Tampa Bay to the south and both Interstates 75 and 275 via East Fowler Avenue.
The building had been occupied for three decades by Sypris Electronics, an electronic manufacturing and engineering firm that has served the military, space, aeronautical, medical, telecom and industrial markets for more than 50 years. At its peak, Sypris Electronics employed as many as 1,200 people in the building. In 2016, the firm sold off its Cyber Security Services and Product business to Analog Devices, Inc., obviating the need for a structure of this size, and relocated its operations to a pair of smaller sites.
“Health care users like Moffitt are in need of space that can accommodate their unique needs for research, lab space and strategic supply chain facilities,” said Silva Rettig. “Industrial buildings like 10901 North McKinley tick all those boxes and, in this instance, provide the added benefit of proximity to Moffitt’s existing operations.”
Moffitt Cancer Center, which celebrated its 30th anniversary in 2016, is a full-service, 206-bed hospital and the only National Cancer Institute (NCI) Comprehensive Cancer Center based in the state of Florida. As one of only 48 centers in the country with this designation, Moffitt builds on cutting-edge scientific discoveries to develop new treatments for cancer patients.
Moffitt has five existing locations, including its original facility on the campus of the University of South Florida, Moffitt Cancer Center at International Plaza (MIP) near Tampa International Airport, Moffitt Cancer Center Prevention Research just north of the newly acquired site on Fowler Avenue, Moffitt Business Center near I–75 and Moffitt McKinley Outpatient Center located across McKinley Drive from the new land purchase.
While there are no specific plans yet for the newly acquired land, Moffitt Chief Operating Officer Jack Kolosky says that it gives the cancer center flexibility as it looks to its future expansion needs.
In 2016, Moffitt unveiled an $800 million, 10-year expansion project, which Kolosky said would eventually utilize the new property.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.