Tampa Distribution Center Trades for $69M
- Jul 12, 2019
Boston-based High Street Realty Co. has sold Tampa Distribution Center, a six-building, 955,000-square-foot industrial facility in Tampa, Fla. Link Industrial Properties, Blackstone’s U.S. industrial real estate operating platform, purchased the asset for $69.3 million. Cushman & Wakefield represented the seller in the deal. According to Hillsborough County public records, the property last sold in 2015 for $43.4 million.
Located at 1212 N. 50th St. in the East Side submarket, the distribution facility is 5 miles from downtown Tampa, between the Selmon Expressway to the south and Interstate 4 to the north. Port Tampa Bay is 4 miles west of the property, while Tampa International Airport is within a 20-minute drive.
Tampa Distribution Center consists of six dock-high, front-load and flow-through industrial buildings developed in 1974 on 51 acres. Suite sizes range from 2,500 to 90,000 square feet. The property is currently 94.6 percent leased, with a tenant roster including Lansing Building Products, Consolidated Container Co., Feeding America Tampa Bay, Courier Express, General Insulation Co. Inc. and Storopack Inc.
In June, a 368,664-square-foot warehouse traded approximately 4 miles east of Tampa Distribution Center. ASB Real Estate Investments purchased the asset for $26.3 million.
Cushman & Wakefield participation
Vice Chairman Mike Davis, Executive Managing Director Rick Brugge and Director Rick Colon of the Investment Sales Team represented the seller in the disposition. Managing Director Julia Silva and Senior Associate Jessica Mizrahi, who also assisted in the sale, have been retained as leasing managers.
According to Brugge, the functional, in-fill multi-tenant industrial assets are in great demand. Davis added that the lack of industrial sites for development in the Eastside submarket is beneficial for the property’s future rent growth.