Joint Venture Between Biscayne Atlantic and Genet Property Group Acquired the 492,235-SF Flex Office and Industrial Park
TAMPA, FL, January 6, 2020 – Cushman & Wakefield has arranged financing for the acquisition of Tri-County Business Park, a collection of 14 premier light industrial buildings totaling 492,235 square feet in Tampa. The buyer is a joint-venture between South Florida based companies, Biscayne Atlantic and Genet Property Group.
The Cushman & Wakefield Equity Debt & Structured Finance Team of Senior Director Jason Hochman and Associate Michael Ciadella represented the joint venture in securing a $30 million, fixed-rate loan from Bank United. The loan includes funds for the full acquisition as well as future funds for property improvements and leasing related expenses. The seller is BAR JCR Tampa Flex Owner LLC.
“This was a quick and seamless execution by all parties, especially the buyer, who met the seller’s expectations and closed within 40 days from execution of the purchase contract,” said Hochman. “Tri-County Business Park has an unbeatable central location within Tampa Bay and is well positioned for success under its new ownership.”
With occupancy a little below 80%, the property offers strong upside through the opportunity to lease-up vacant space in one of Tampa’s most in-demand industrial submarkets. The buildings offer varying clear heights with grade-level and dock-high loading, and bay sizes range from 1,000 to 25,000 square feet.
At 13300 McCormick Drive, Tri-County Business Park is located within Tampa Bay’s premier Westside industrial submarket and enjoys excellent visibility with frontage on Race Track Road. The asset is strategically placed at the center of the Tampa Bay area at the convergence of Hillsborough, Pinellas and Pasco counties, giving it wide appeal among tenants throughout the region.
Genet Property Group and Biscayne Atlantic own and operate over 3 million feet of office, flex and industrial properties in the Southeast and have close to 100 years of combined experience in real estate investment and management.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Communications Specialist, Florida