Suburban Office Space Near the University of South Florida Sells for $11.41 Million
TAMPA, Fla., Jan. 20, 2017 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Palm Lake at Tampa Palms, a three-story, 85,820-square-foot suburban office building located in the Northeast Submarket of Tampa, Florida. The sales price is $11.41 million.
“The property has the all the amenities of a downtown office building without the lengthy commute,” says Douglas K. Mandel, senior managing director investments in Marcus & Millichap’s Fort Lauderdale office.
Mandel, along with Robbie McEwan, CCIM, senior associate, and Nicholas Hanson, associate, both in Marcus & Millichap’s Orlando office, represented the seller and procured the buyer.
The building is located at 15310 Amberly Drive in Tampa, just off Bruce B Downs Boulevard, two-and-a-half miles south of the intersection of interstates 75 and 275, and less than three miles from Florida Hospital Tampa and the University of South Florida.
At the time of the sale, Palm Lake at Tampa Palms was 88 percent occupied by a blend of professional office, medical office and medical support tenants. The Jaeb Center for Health Research, a nonprofit coordinating center for multi-center clinical trials and epidemiologic research, recently expanded to occupy the entire third floor and extended its lease term for an additional seven years.
The building is accessible 24 hours a day, 365 days per year and includes on-site management. The property spans nearly six acres and features offices with private balconies that overlook a lakeside courtyard and 100-year-old oak trees.
About Marcus & Millichap (NYSE: MMI)
With over 1,600 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 8,700 transactions in 2015 with a value of approximately $37.8 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com