OLDSMAR, Fla., February 22, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Tower Lake Center, a 21,730-square foot industrial property located in Oldsmar, Fla., according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $1,400,000.
Jaclyn Blair, an investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was also secured and represented by Jaclyn Blair.
Tower Lake Center is located at 107 Dunbar Ave in Oldsmar, Fla. The property has a history of long-term tenants and high occupancy. The location is central to major metro markets in the greater Tampa Bay area and the immediate area has below market vacancy rates. The property has been self-managed and self-leased. The pro forma cap rate is nearing nine percent by increasing below market rents.
The build out for each suite varies and the overall office build-out is less than 30 percent which requires very little tenant improvement when tenants do rollover. An association further reduces the management requirements and the property could continue to be self-managed with little effort.
About Marcus & Millichap (NYSE: MMI)
With nearly 2000 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 9,472 transactions in 2018 with a value of approximately $46.4 billion. Marcus & Millichap 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.