Deal shows strengthening of pricing for industrial properties
TAMPA, Fla. (October 17, 2012) – Supporting a trend of strengthening of sale prices in the industrial market, Colliers International Tampa Bay recently closed a $1.065 million sale of a 25,800-square-foot warehouse, for $41.28 per square foot.
Colliers International Tampa Bay’s Jan Boltres, CCIM, represented the seller, Monument Leasing Company. John Anderson of European Equities represented the buyer, 7902 Anderson Road Crossings, LLC. The buyer plans to occupy the building after significant renovations are made.
According to Boltres, activity in the industrial market remained strong from January to June, with activity dropping off in July. Since then, there has been a strengthening trend in the industrial market, and this sale closed at a strong price compared to several recent sales for buildings of similar condition.
“Recently, pricing for this submarket has been a bit unpredictable,” said Colliers’ Boltres. “There is significant demand, but it’s being held up due to uncertainty with the economy, resulting in hesitant buyers.”
The building, located in a prominently industrial area at 7902 Anderson Road in Tampa, was built in 1981.
About Colliers International
Colliers International is the third-largest commercial real estate services company in the world, with over 12,300 professionals operating out of more than 520 offices in 62 countries. A subsidiary of FirstService Corporation (NASDAQ: FSRV; TSX: FSV and FSV.PR.U), it focuses on accelerating success for its clients by seamlessly providing a full range of services to real estate users, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services, mortgage banking and research. Commercial Property Executive and Multi-Housing News magazines ranked Colliers International the top U.S. real estate company. The latest annual survey by the Lipsey Company ranked Colliers International as the second-most recognized commercial real estate firm in the world.