Tampa Commercial Real Estate Wrap-Up – March 2020

Sarasota property sells for $50 million. Summit Holdings breaks ground on HQ. Read our March selection of Tampa must-knows.
Sarasota City Center. Image courtesy of Feldman Equities

Tampa had an active start to March: Several major deals closed, and construction work kicked off at a new corporate headquarters in Lakeland. Coworking also continued on its growth trajectory, with another lease inked in the city’s Channel District. However, uncertainty is on the horizon as the novel coronavirus’ impact on the market has yet to be fully realized. Here is our list of Tampa Bay’s March must-knows:

1. DEVELOPMENT – Summit Holdings breaks ground on new headquarters.

The company plans to spend $50 million on the Lakeland project, scheduled for delivery in fall next year. The project’s 1.3-acre site is located at 117 N. Massachusetts Ave. Upon completion, the eight-story, 135,000-square-foot property will house approximately 500 of Summit’s 750 employees. The workers’ compensation insurer’s current headquarters is at 2310 Commerce Point Drive.

2. DEAL – DSH Hotel Advisors completes sale of Zephyrhills hotel.

The brokerage represented the buyer and the seller, both private investors, in the $4 million transaction of the 63-key Microtel Inn & Suites by Wyndham. The pet-friendly property has a range of guest amenities including an outdoor pool and laundry facilities. Located at 7839 Gall Blvd., the hotel is positioned alongside Highway 301 at the northern end of a busy retail corridor.

3. DEAL – The Dilweg Cos. sells two-building Sarasota office asset.

A joint venture between Feldman Equities, Tower Realty Partners and Equity Street acquired Sarasota City Center, a 248,000-square foot, Class A property, for an estimated $50 million. JLL represented the seller and assisted the buyers with acquisition financing. The asset’s two buildings, located at 1819 Main St., were constructed in 1989 and last renovated in 2019. 

4. LEASING – IP Capital Partners adds tenant to Airport Executive Center.

Florida Blue has signed a 49,500-square-foot lease at the 235,700-square-foot office building. Cushman & Wakefield represented the landlord, while JLL assisted the tenant. The health insurance company will occupy the 10th and 12th floors as well as part of the ninth floor at 2203 N. Lois Ave. The tenant is relocating from Meridian One at 4350 W. Cypress St.

5. LEASING – Coworking firm extends Tampa footprint.

Industrious has signed a 44,000-square-foot lease at Sparkman Wharf, a mixed-use development at 615 Channelside Drive. The tenant and the landlord are partnering to convert a former movie theater into shared workspace. Industrious will occupy the second floor, which includes a 3,500-square-foot private terrace. The space—the firm’s second in Tampa—is slated to open in the third quarter. A third location in Centro Ybor is set to open before the end of the year.