C&W Makes History in Tampa Industrial Market
- Aug 24, 2015
High Street Realty has acquired the Tampa Distribution Center, a 955,000-square-foot industrial campus in Tampa, from MetLife Real Estate Investors.
The sale marks the largest single-site industrial transaction in the Tampa market since January 2010. The price of the transaction was not disclosed.
Cushman & Wakefield brokered the sale and High Street also tapped the firm’s Investor Services team, led by managing director Tim Rivers, to manage the facility.
“This is a prime infill industrial investment with close proximity to the growing urban core making it highly desirable for tenants from both a distribution and employment perspective,” Mike Davis, Cushman & Wakefield’s executive director, said in a prepared statement. “The superior location, along with ability to accommodate small- to medium-size users, will ensure Tampa Distribution Center’s competitive edge now and well into the future.”
Located at 1212 North 50th St., Tampa Distribution Center sits on a 53.8-acre parcel and consists of a combination of six small- to mid-bay distribution buildings serving tenants ranging from 2,500 to 90,000 square feet in size. Notable tenants include Lansing Building Products, Consolidated Container, Motion Industries, Ricoh, and Brighton Best.
Originally built in 1973, all buildings are dock-high, tilt-wall construction with primarily 20’ clear heights, and 50’ by 50’ column spacing. Buildings Three, Four, and Five feature a flow-through design, providing both dock-high loading in the front and grade-level loading in the rear.
Tampa Distribution Center is located in the heart of Tampa’s premier East Side submarket, the largest submarket in Tampa with the most institutional product. It offers immediate access to the Lee Roy Selmon Expressway, Interstate 4 and Adamo Drive.
According to Colliers 2015 2Q Industrial Market report, activity in Tampa Bay’s industrial market showed moderate growth over the previous quarter with continued positive growth anticipated throughout 2015.
“The industrial market continues to see interest from out-of-state users and investors seeking to relocate business operations to Florida due to the state’s improved economic growth, affordable tax structure and low costs of doing business,” the report revealed. “Quality industrial buildings remained in high demand throughout the second quarter with little existing class A inventory available for users seeking facilities meeting updated codes and features including higher clear heights, ESFR sprinklers and sensored lighting.”