There is no denying that the current pandemic and its economic fall-out will have particularly strong effects on the commercial real estate market for years to come. Having the right advisors can ensure that owners and users of commercial properties make it through such uncertain times in a fiscally strong position. Despite government ordered business closures and shelter-in-place recommendations, there will always be a need for commercial real estate and a good real estate broker can help an owner or user make financially strong decisions, regardless of the economic conditions that surround them.
During the first five months of 2020, the Commercial Partners Realty has continued to close deals, guiding their clientele through the uncertainties that have accompanied this pandemic. This has at times required coaching clients in new technologies, from online video meetings to remote, “contact-free” closings. For others, it has required changing the focus of their marketing to find a new highest and best use for property types that have faced extreme challenges due to the outbreak.
For one CPR client, the pandemic disrupted their plans to move their operations to another state just as they were scheduled to close on the sale of their Tampa Bay facility. Their CPR agent was able to negotiate a last-minute, short-term leaseback with the buyer so that the sale could be completed as scheduled. Another buyer, moving their offices from Tampa to St. Petersburg, found themselves unable to secure financing due to the funds of most lenders being tied up in Payroll Protection Plan loans. The CPR Broker helped arrange short-term seller financing that the buyers could later refinance with a traditional lender once banks returned to funding commercial real estate, and the sale closed without delay.
The following are recent transactions closed by CPR Team members during the novel coronavirus pandemic and its resulting economic downturn.
Broker Scott Clendening represented the tenant, Ensurem, LLC in $2.6 million lease of a 28,150
SF Office located at 8560 Ulmerton Rd., in Largo, and in a long-term lease of 10,244 SF of office space in the Piers Center at 6239 Tacoma Dr. in New Port Richey, FL.
Chris Ewing represented the tenant, Kenick, Inc., in leasing 15,000 SF of flex space located at 11400 47th St N., Pinellas Park FL, with a lease value of $597,000.
Ewing also represented the seller, PE Enterprises II, LLC., in sale of a 4,031 SF office, located at 1025 1st Ave N., in St. Pete’s Edge District for $820,000.
CPR agent Jim Engelmann represented the landlord, Asset Trust Holdings, in the lease of 900 SF of office space located at 102 Myrtle Ridge Rd., Lutz to D Retro Salon & Spa.
Jim Engelmann represented the seller, BRS Industries, in sale of a 2-acre parcel in the final phase of a larger development deal near the intersection of State Rd. 54 and Suncoast Parkway in Odessa FL.
CPR Team member Frank Bozikovich represented the seller, Montana Holdings, in the sale of an 11,189 SF office building in the Skyway Marina District of St. Petersburg. Located at 2861 34th Street S., the property sold for $1,500,000.
The QA Team of Dan Quarles and Austin Karrick has recently completed the following transactions:
Represented the landlord, B & L Management, in the lease of 4,574 SF of flex space located in the Bryan Dairy Business Center at 7279-81 Bryan Dairy, Largo FL.
Represented the landlord, B & L Management, in the lease of 7,485 SF of flex space located in the Bryan Dairy Business Center at 7225 Bryan Dairy, Largo FL.
Represented the landlord, B & L Management, in the lease of 2,575 SF of flex space located in the Starkey Center at 12505 Starkey Rd., Largo FL.
Represented the landlord, B & L Management, in the long-term lease of 12,520 SF of flex space located in the Starkey Center at 12505 Starkey Rd., Largo FL.
Represented the landlord, Mainstream Business Park, in the lease of 2,400 SF of flex space located at 7201 112th Ave N., Largo FL.
Represented the seller, Ashby Green, in the sale of a 1,612 SF office at 5511 Central Ave. in St. Petersburg for $335,000.
Commercial Partners Realty is a full service Commercial Real Estate brokerage specializing in Office, Industrial, Retail, Land and Investment sales and leasing. Representing landlords, tenants, buyers and sellers of commercial real estate in Tampa Bay, Pasco County and West Central Florida, they have negotiated hundreds of millions of dollars in transactions in the region.
Commercial Partners Realty is a proud member of the George F. Young corporate family. Our parent company is a full-service professional consulting firm offering engineering, planning, landscape architecture, environmental, and surveying services throughout Florida. Established in 1919, George F. Young, Inc. has been serving the Tampa Bay area and beyond for over 100 years.