Cardinal Point Cashes In on Tampa’s Growing Industrial Demand

JLL orchestrated the $47.1 million sale of the 580 Corporate Center in Oldsmar, Fla., and arranged financing for the buyer.
580 Corporate Center. Image courtesy of JLL

JLL has recently worn two hats on a transaction involving 580 Corporate Center, a six-building light industrial and office portfolio in Oldsmar, Fla. The firm orchestrated the $47.1 million sale of the approximately 376,600-square-foot Tampa-area asset on behalf of Cardinal Point Management and arranged $31.8 million in financing for the buyer, Adler Real Estate Partners. 


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Occupying 20 acres 15 miles outside downtown Tampa, 580 Corporate consists of two flex buildings, two industrial buildings and two office structures with the addresses of 4023, 4025, 4027, 4029, 4033 and 4035 Tampa Road. The buildings, developed between 1985 and 2002, vary in size from 21,000 to 120,500 square feet. The tenant roster at 580 Corporate is nearly full; the portfolio is 91 percent leased to a list of local and credit tenants, including Konica Minolta, The Nielsen Co., Paragon Water Systems and Change Healthcare Inc.

According to JLL, the investment community’s response to 580 Corporate was overwhelming, with a notable number of investors—ranging from operators with large equity partners to high-net-worth families to international funds—ultimately submitting offers. “Creative office and light industrial product continue to become more accretive for investors due to tenant demand for direct access, parking, usable versus rentable square footage and the ability to efficiently run 24/7 operations. More investors are realizing this value as evidenced by the demand we saw for this product during the marketing process,” Robbie McEwan, senior director with JLL, told Commercial Property Executive. JLL’s Luis Castillo and Chris Drew joined McEwan in representing Cardinal Point on the deal, which HFF had organized before being acquired by JLL in July 2019.

Ticking the right boxes

Commercial real estate lending is alive and well despite market volatility, and JLL was able to bring a bevy of lenders to the table before selecting Regions Bank to provide Adler with financing for the purchase of 580 Corporate. “The lending community was very open to bidding on this asset even though it encompasses light industrial, single-story office and distribution warehouse buildings. In many ways, these different asset classes provided a diversification advantage that mitigated risk,” Paul Stasaitis, senior managing director with JLL, told CPE. “The borrower’s reputation and experience in this asset class was also a contributing factor.” Regions Bank came through with a five-year, fixed-rate acquisition loan for Adler. Stasaitis’ colleague Michael DiCosimo was part of the JLL Capital Markets team representing the borrower.