Tampa Commercial Real Estate Wrap-Up – April 2020

Skanska selected for life sciences project. Last-mile industrial building trades. Check out our April list of Tampa must-reads.
University of South Florida Research Park. Rendering courtesy of Skanska

Even with a shelter-in-place order in full effect, Tampa’s commercial real estate market saw a fair amount of activity in April. On the transaction side, several industrial and office assets changed hands. Developments also continued to move forward, as construction was deemed to be an essential service. Tampa Bay Times reported that seven projects with a combined cost of $1 billion are nearing completion in preparation for Superbowl LV, coming to the metro in February. Here is our selection of Tampa’s April must-knows: 

1. DEAL – Birtcher Anderson Realty trades last-mile industrial asset.

Dogwood Industrial Properties acquired the 90,037-square-foot distribution center in Center Point Business Park for $8.9 million. Colliers International assisted the seller. Located on 8 acres at 1909 North U.S. Highway 301, the warehouse was built in 1985 and renovated in 2018, according to Yardi Matrix. It has 18-foot clear heights and a mix of 33 dock-high and 22 grade-level loading doors.

2. PEOPLE – Colliers strengthens Southeast Retail Services team.

Nancy Erickson brings 25 years of experience to the brokerage’s Tampa Bay office, previously serving as executive managing director of the firm’s New York Tri-State office. Prior to joining Colliers in 2016, she worked as a senior director for Cushman & Wakefield for 12 years. Erickson holds an MBA from Monmouth University.

3. DEAL – NDC Asset Management pays $8.6 million for Bradenton office property.

Transwestern represented U.S. Bank, which sold the 78,553-square-foot Plaza Del Rio. ServisFirst Bank provided $6.9 million in financing for the new owner, Yardi Matrix shows. At the time of the deal, the building was 86 percent occupied. Located at 101 Riverfront Blvd., the seven-story property delivered in 1986 and is subject to a ground lease held by the City of Bradenton.

4. DEVELOPMENT – Skanska to lead construction of University of South Florida’s Research Park.

The company received the $27 million contract for the fall 2021 delivery of the three-story, 120,000-square-foot life sciences project. The Gensler-designed development has a total cost of $42 million, and Skanska will oversee the construction of an office and laboratory building on the university’s campus. Additionally, the firm is close to finalizing USF Health’s Morsani College of Medicine and Heart Institute in downtown Tampa.

5. DEAL – SunCap trades East Tampa industrial asset.

The property changed hands as part of a larger, $13 million sale of nine assets occupied by Hydraulic Supply Co. SRS Real Estate Partners represented the seller. The 12,500-square-foot structure, located at 7200 E Dr. Martin Luther King Jr. Blvd., delivered in 1973 and sold for $1.7 million. The portfolio disposition also included seven other buildings in Florida and one in Georgia.