Tampa Flex Office Portfolio Trades for $15M

The buyer, a private investor, funded the acquisition of the two buildings with more than $10 million in financing from Starwood Mortgage Capital.
2600 and 2700 Falkenburg Road

LNR Partners has traded a two-building, 134,000-square-foot flex/office portfolio near Tampa, Fla., to a private investor for $14.7 million. The buyer landed a 10-year, $10.3 million loan from Starwood Mortgage Capital to finance the acquisition, according to Hillsborough County records.

LNR took control of the property in 2012 after the previous owner defaulted on a $222 million mortgage covering a portfolio of assets.

Located at 2600 and 2700 Falkenberg Road in the southeastern suburb of Riverview, Fla., the two single-story buildings are positioned alongside Interstate 75, within 10 miles of downtown Tampa. The property is situated near the Causeway Boulevard retail corridor, with the 1.1 million-square-foot Westfield Brandon shopping mall a mile and a half away.

The asset was 86 percent leased at the time of sale to a mix of tenants including Dobbs Equipment, Taylor Morrison, Sunbelt News and PulteGroup.

Transwestern represented the seller in the transaction and additionally had overseen leasing and management of the property.

Approximately 5 miles north, Birtcher Anderson Realty recently purchased a six-building flex/light industrial property for nearly $20 million.

Image courtesy of Transwestern