Just Sold-955,500 SF Warehouse
Date Published: 09/09
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Metropolitan Life just closed on the sale of Tampa Distribution Center for $43 million. The property was purchased by Highstreet. The nearly 1 million square foot multi-tenant facility was constructed in 1973 and was approximately 82% occupied at the time of the sale. The CAP rate was one of the lowest Tampa's industrial market has seen in recent history. This was caused by not only the strong demand for investment property, but by the below market in-place rents at the property.
The complex has been on the market several times in the past and is an excellent repositioning opportunity. The buildings were constructed of tilt-wall, are well suited to accommodate a variety of tenant sizes and loading requirements enabling it to appeal to a broad tenant audience. Several buildings offer dock high loading in the front and true grade level loading in the rear of the building. This loading configuration is a very unique feature in the Tampa marketplace.Tampa Distribution Center is considered to be one of the best locations in the East Tampa submarket. It is located on State Road 41 immediately north of State Road 60. Additionally, it has excellent access to Interstate 4 and US 301.
Rental rates throughout the Tampa Bay region continue to rise, but are still far below the highs of 2007. Asking rates for new dock high rear load warehouse space are averaging $5.75 PSF NNN. Asking rates for new bulk buildings are expected to be in the high $4 PSF range, depending on tenant improvements, lease term and credit of the tenant.
10/21 Leased Today-48,000 SF
05/31 45,000 SF Warehouse Sold