Market Intel

Just Sold-135,169 SF Manufacturing Facility-Tampa

Date Published: 09/01

Transaction information confirmed and provided courtesy of Rick Narkiewicz. View Rick's profile on Linkedin.

A 135,169 SF manufacturing facility located at 3901 Riga Blvd. in Tampa sold on September 1, 2015 for $4.2 million. The warehouse was formerly the corporate headquarters and cigar rolling facility for a homegrown iconic brand, HAVATAMPA. The company moved much of its operations to the Dominican Republic over 5 years ago. The company still operates a 250,000 SF distribution center off of US 301.

The office/warehouse facility was available for sale or lease for over 5 years. "Shifting" the building was hindered significantly due to its low ceiling height in the warehouse which was only 15 ft throughout most of the facility, although a small portion had up to 30 ft. The building also needed a new roof, HVAC chiller system and a complete demolition of the office space. The warehouse's inability to be subdivided for multi-tenant uses and Tampa's slow economic recovery also negatively impacted the building's ability to be sold or leased. View complete listing details of the warehouse.

The former manufacturing facility will be converted into an office building which was a logical adaptive reuse due its unusually high parking ratio, tilt-wall construction and prominent location. A user has already been secured to occupy the facility which will likely result in new jobs coming to Tampa.

Tampa Bay's industrial market continues to improve thanks primarily to several large leases that have been executed over the last 60 days alone. GLP, Clarion, IDI and Cabot each completed leases around 100,000 SF in the East Tampa submarket. IDI's lease at Madison Business Center was the largest at 156,311 SF and the tenant signed a long-term lease. View details of the transaction.