Tampa Industrial Facility Sells for $26M
- Jun 20, 2019
TriGate Capital has sold a 368,664-square-foot warehouse in Tampa’s East Side submarket. ASB Real Estate Investments purchased the asset for $26.3 million on behalf of its Allegiance Fund, a $7.5 billion core vehicle. According to Hillsborough County public records, the property last traded in 2018, when it commanded $20.3 million.
Located at 8800 E. Adamo Drive, right off Route 60, the industrial facility is close to interstates 4 and 75. Port Tampa is roughly 7 miles west of the property and Tampa International Airport is further west, within a 25-minute drive.
Built in 1972 on a 20-acre site, the warehouse has both distribution and office space. Features include 22-foot clear heights, 34 dock high doors, nine drive-ins, 312-foot building depth, rear-load capabilities, 125- to 140-foot truck courts and 420 parking spaces. The facility is fully leased to five tenants, including Amazon, HWC Wire and Gopher Resource.
Since the beginning of 2018, ASB has acquired approximately 3.5 million square feet of space in leading industrial markets, including Northern New Jersey, Miami, San Francisco, Houston and Philadelphia. In May, the company purchased a 408,000-square-foot industrial portfolio near Pittsburgh for $38 million.