Rick Brugge, Mike Davis and Michael Lerner Represented True North in the Disposition of Tri-County Business Park, a 677,000-SF Industrial Property
TAMPA, FL, December 21, 2017 — Cushman & Wakefield has negotiated the sale of Tri-County Business Park, a 676,735-square-foot industrial park, for $40.4 million. The property is strategically positioned in the northwest Tampa Bay area at the convergence of Hillsborough, Pinellas and Pasco counties.
The Cushman & Wakefield Capital Markets Team of Executive Director Rick Brugge, Vice Chairman Mike Davis, and Executive Chairman Michael Lerner, represented seller True North Management Group in the transaction. The property sold as a joint-venture to commercial real estate company Birtcher Anderson and investment management firm JCR Capital.
Tri-County Business Park is located at 13300 McCormick Drive, off Race Track Road, just west of Tampa’s densely populated Westchase submarket. It sits on 76.5 acres and consists of 20 buildings built between 1980 and 1988.
The property is made up of 55 percent light industrial and 45 percent garden office/service center. The buildings feature varying clear heights and both grade-level and dock-high loading to accommodate a variety of industrial users.
The property was 75 percent occupied at time of sale. Tenant spaces range from 1,000 to 42,500 square feet, enabling tenants to expand within the park.
Leader Tech, an electronics manufacturer, is currently the largest tenant in the business park, occupying 42,500 square feet. Other notable tenants include Seven Seas Water Corporation and Clextral, Inc.
“This property is one of the largest flex projects in Tampa Bay, and it’s benefiting from notable population and job growth in the region,” said Brugge. “The lack of buildable, industrial-zoned land in the Tri-County area, along with this property’s sheer size, help secure Tri-County Business Park’s dominant position in the market.”
Communications Specialist, Florida