5904 Hampton Oaks Pkwy.
CIP Actual Property has accomplished its $74.3 million off-market buy of Middle Level Enterprise Park and Hampton Oaks Enterprise Park, two East Tampa, Fla., industrial complexes situated at 1907-1911 N. 301st Freeway 301 and 5903 Hampton Oaks Parkway, respectively.
CIP purchased the properties from Albany Highway Actual Property Companions. Two groups from Cushman & Wakefield brokered the transaction, advertising the property and procuring acquisition funds via BankUnited. CIP is planning to speculate an extra $6.3 million in upgrades and renovations for the buildings over the following two years.
Middle Level Enterprise Park was inbuilt 1986, and totals 5 buildings and 146,229 sq. ft. Albany Highway had acquired the property in 2020, based on CommercialEdge info. The campus’ tenants embody TEM Programs, Osprey Development, AXYZ, and Care Smart, the identical information exhibits.
The Hampton Oaks Enterprise Park was inbuilt 1987, and hosts six buildings totaling 259,543 sq. ft. Albany Highway bought the park in 2020 for $36.7 million, utilizing a $27.5 million mortgage from Areas Financial institution, CommercialEdge information exhibits. The park’s tenants embody PdMA, Numotion, Hivelocity, Affinity Group and Heidt Design.
Each properties function 37-foot dock heights, 58 grade degree and 22 ramp loading depots. Situated inside 3 miles of one another, each properties are inside 8 miles of downtown Tampa, and close to quite a few highways, together with Interstate 75, U.S. Routes 301 and 400, permitting for fast transport and logistics entry to different cities round North and Central Florida.
Cushman & Wakefield Vice Chair Rick Brugge represented the vendor, and a debt workforce consisting of Government Director Jason Hochman and Director Ron Granite acted on behalf of the customer.
Tampa’s tepid returns
Regardless of a gradual lease progress fee of two.2 %, Tampa has remained a extremely sought-after marketplace for industrial funding and growth, partially because of its location and an in-migration of staff, based on information from an October 2022 CommercialEdge report. As of September 30, town had seen $1.1 billion in industrial property gross sales, with 5.7 million sq. ft of house in its pipeline, far beneath that of many different cities within the Solar Belt.
One other high-profile industrial actual property headline within the metropolis is Hines’ floor breaking of the Tampa Commerce Middle, a four-building Class A undertaking exceeding 600,000 sq. ft.
