The Asset is Situated in the Densely Populated South Tampa Submarket
TAMPA, FL, January 27, 2020 – Cushman & Wakefield has represented GTE Financial in the sale of a 91,000-square-foot, three-story office building and parking garage property in Tampa. BayCare Properties LLC acquired the asset for $7.7 million.
The Cushman & Wakefield team of Managing Director Jason Donald, Managing Director Patrick Berman, Senior Associate Todd Tolbert and Vice Chairman Todd Brandon arranged the transaction. GTE Financial, based in Tampa, is one of the largest locally owned and operated financial institutions in the United States.
The property, situated on 1.66 acres at 711 S. Dale Mabry Blvd., consists of a 28,000-square-foot office building and a 63,000-square-foot structured parking garage.
The asset is well positioned for redevelopment in a high-traffic, densely populated urban trade area with an abundance of retail and nearly 95,000 residents within a three-mile radius. The property also boasts high visibility on one of Tampa’s primary commercial arteries, Dale Mabry Highway, as well as close proximity to Interstate 275 and the Selmon Expressway.
“This property at 711 S. Dale Mabry Blvd. is situated in the heart of desirable South Tampa and represented a rare opportunity to acquire an office building with structured parking on one of Tampa’s main thoroughfares,” said Donald. “The property also offers strong upside potential with Planned Development (PD) zoning that allows a variety of uses.”
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