Cushman & Wakefield Arranges Sale and Financing of Tampa Industrial Facility
- Jan 21, 2019
A joint venture of Genet Property Group and The Geneva Group has purchased Executive Industrial Park, a 201,620-square-foot industrial facility in Tampa, Fla. Cushman & Wakefield arranged the sale on behalf of the seller and secured a long-term, fixed-rate loan for the acquisition of the property.
Located at 6089-6205 Johns Road, the asset occupies 11.6 acres alongside Freeway 589, in Tampa’s Airport Industrial submarket, approximately 6 miles from Tampa International Airport.
“Executive Industrial Park is located in one of Tampa Bay’s most in-demand industrial submarkets due to its central location within the MSA, proximity to Tampa International Airport and access to high-quality housing that serves its employee base,” said Rick Brugge, executive director at Cushman & Wakefield, in prepared remarks.
Built between 1981 and 2000, the seven-building facility features concrete tilt-wall and steel column construction with clear heights from 12 to 18 feet. Five of the seven buildings also feature dock loading and suites ranging from 1,800 to 12,000 square feet. The asset is currently 94 percent occupied by tenants such as Cook & Boardman, A&A Printing and Scientific Research Corporation.
“The exceptionally limited number of remaining development sites within the submarket limits additional future competition and will result in strong rental rate growth well into the future for this property,” added Brugge.
Cushman & Wakefield’s sales team included Brugge, Vice Chairman Mike Davis and Executive Director Michael Lerner. The firm’s Equity, Debt & Structured Finance Group included Senior Directors Jason Hochman and Chris Lentz.
Cushman & Wakefield represented Kylli Inc.─developer of the Burlingame Point office campus in the San Francisco Suburb of Burlingame, Calif.─in a deal with Facebook, which preleased all four buildings of the Burlingame Point office.
Image courtesy of Cushman & Wakefield