Rick Brugge, Mike Davis and Michael Lerner Represented HR Pasco, LLP in the Disposition of Compark 75, a Five-building, Class A Commerce Park
TAMPA, FL, December 21, 2017 — Cushman & Wakefield has negotiated the sale of Compark 75, a Class A commerce park with five small-bay, light industrial buildings comprising 285,615 square feet near Tampa.
The Cushman & Wakefield Capital Markets team of Executive Director Rick Brugge, Vice Chairman Mike Davis and Executive Director Michael Lerner represented seller HR Pasco, LLP, a private partnership. The buyer, MDH Atlantic Acquisitions, LLC, is an Atlanta-based real estate investment company with a portfolio of over 11 million square feet of assets throughout the Southeast.
Compark 75 is located at 4427-4614 Pet Lane in Wesley Chapel, a fast-growing suburban area approximately 20 miles north of Tampa.
The property is the only Class A industrial facility that serves the Northeast Tampa Bay area, which includes north Hillsborough and south Pasco counties. The site provides convenient access to Interstate 75, which is the primary north/south highway in the Tampa Bay area, as well as several other major roadways.
The property was 91 percent occupied at time of sale with 25,800 square feet of space available for lease. Current tenants include the U.S. General Services Administration, Ortho Technology, Morgan Auto Group and Streetside Classics, a collectable car dealer.
The five buildings in Compark 75 were built using tilt-wall construction between 2007 and 2016. Suites range from 3,300 to 41,017 square feet, providing the flexibility for tenants to grow. Notable features include rear-loading docks, 18- to 24-foot clear heights, ESFR fire suppression and 118-foot truck courts.
“As the highest-quality industrial asset in the Northeast Tampa Bay submarket, Compark 75 appeals to local, regional and national businesses,” said Brugge. “Between a lack of readily available development sites in the area and rising construction costs, this property has virtually no competition, and therefore a high potential for continued rent growth.”
Communications Specialist, Florida