Partnership Cools Off in Tampa
- Jul 07, 2015
A warehouse with a truly shivery feature was sold recently in the industrial area north of Hillsborough Ave. at East Lake-Orient Park in Tampa. A limited partnership running by the name 6422 Harney Road LP purchased the multi-tenant property from LMIW II, LLC for $18.25 million. The buyer plans to implement major capital improvements and reposition the asset to an institutional quality level. The 683,750-square-foot complex was last sold in early 2013 for just under $18 million, according to Property Shark.
Located approximately five miles from the Port of Tampa, the property was built in 1976, and it is more commonly known as the former distribution center and corporate headquarters of Kash n’ Karry Food Stores. The food-retailer used the warehouse to support 98 supermarkets, 35 liquor stores, and 2 super warehouse stores in Florida before merging with Food Lion Inc. in 1996. The complex has since been converted to a multi-tenant industrial building, and it currently includes 430,000 square feet of dry warehouse space with 29’ clear height, as well as 183,000 square feet of 27’5” clear cold storage space and additional office and mezzanine areas. The warehouse has quick access to Interstates 75 and 4.
Senior Vice President Dale Peterson and First Vice Presidents Brian Rettig and Gary Bauler of CBRE’s Tampa-based operations represented the seller in the transaction. CBRE was also selected to oversee property management and leasing operations at the site.
Image via Google Maps