The 184,500-square-foot property sold in Westchase
TAMPA, Fla. (October 11, 2019) – Birtcher Anderson, an Orange County, California-based real estate investment firm, has sold Park 6, a 184,500-square-foot flex industrial property in the Westchase area of Tampa, for $15,832,000.
Park 6 was previously part of the 700,000-square-foot Tri County Business Park that Birtcher Anderson purchased for $40.4 million in December 2017. The property was subdivided for sale and includes six of Tri County Business Park’s 20 buildings.
Ryan Vaught and Robyn Hurrell, MCR, of Colliers International Tampa Bay represented Birtcher Anderson in the sale. Nathan Lynch, Executive Managing Director of the Colliers International Tampa Bay’s Debt & Equity team placed the debt for the acquisition.
“When Birtcher Anderson bought Tri County Business Park, there were few buyers interested in taking on the space because it can be challenging to manage a property with nearly 100 tenants,” said Vaught, Executive Managing Director of Industrial Services, Colliers International Tampa Bay. “Dividing the space into two smaller parks made it more manageable from an operations standpoint and widened the pool of buyers for this property.”
Colliers International worked with Birtcher Anderson to rebrand the property and stabilize occupancy rates. The company ultimately sold Park 6 at 93% occupancy.
About Colliers International Group Inc.
Colliers International (NASDAQ: CIGI) (TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, has delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management. To learn more about how we accelerate success visit corporate.colliers.com, Twitter: @Colliers or LinkedIn.