Tampa Commercial Real Estate Wrap-Up – July 2020
- Aug 05, 2020
The Tampa Bay area continued to be impacted by the COVID-19 health crisis, with the pandemic slowing down real estate activity in June. Meanwhile, construction work powered through, not only for developments slated to be ready for the Super Bowl, and culminating last month with the opening of the largest waterfront entertainment district in the Southeast. On the other hand, investment activity remained timid, mirroring June levels. Here’s our July list of Tampa must-reads:
1. DEVELOPMENT – Skanska completes work at St. Pete Pier District.
The largest waterfront entertainment district in southeastern U.S. is a 26-acre experiential redevelopment including an 1889-built structure. The development includes a 1,400-foot pier, a park, a beach, restaurants, shops and artwork, as well as various buildings: the Spa Beach Pavilion, the Marketplace, a 35,000-square-foot plaza, the five-story Pierhead building and the Tampa Bay Watch Discovery Center. Rogers Partners, ASD | SKY and landscape architect Ken Smith Workshop designed the $92 million project.
2. OPERATIONS – Bank of America Plaza prepares for post-pandemic leases.
Banyan Street Capital started building out 17,000 square feet of speculative office spaces at the 42-story tower at 101 E. Kennedy Blvd., according to Tampa Bay Business Journal. Banyan Managing Director Zac Gruber said in a prepared statement that the new suites will provide new sanitary measures, more private offices, larger workstations and less open space. Two new tenants recently signed for a total of 24,000 square feet at the property, bringing it to 92 percent occupancy. Banyan bought the LEED Gold-certified asset in 2015.
3. DEVELOPMENT – New industrial park coming to Lakeland.
Crescent Communities, in partnership with Native Development Group, started construction on Lakeland North Business Center, a two-building, 299,241-square-foot distribution facility. According to Yardi Matrix data, BBVA USA provided the developer with a $14.7 million construction loan for the project. The spec buildings will sit on 28 acres at 900-920 N. Chestnut Road. Located near U.S. Road 92, the property has direct access to Interstate 4. Delivery is slated for the third quarter of 2021.
4. DEAL – Lingerfelt CommonWealth sells northwest Tampa office asset.
Continental Capital Partners paid $10.4 million for the 77,568-square-foot Buschwood Park III, according to Yardi Matrix information. The two-story, Class B office building last traded two years ago for $9.7 million. Situated on 7.6 acres at 3350 Buschwood Park Drive, the recently renovated property is 3 miles from Interstate 294 and 9 miles from Tampa International Airport.
5. DEAL – SureStay Plus Hotel changes hands in Clearwater.
Marcus & Millichap arranged the $10.5 million sale of the 178-key SureStay Plus Hotel by Best Western Clearwater Central. Senior Vice President Ahmed Kabani negotiated on behalf of the seller, a private investor. Completed between 1964 and 1973 at 21030 U.S. Highway 19 N, the property is 6 miles north of the St. Pete-Clearwater International Airport. The hotel operated under HRC’s Hampton Inn brand until 2018.