TAMPA, Fla. (Jan. 7, 2021) – Albany Road Real Estate Partners has purchased Center Point Business Park, a 146,229-square-foot industrial/flex property in the East Tampa submarket, for $19,805,000. Birtcher Anderson Realty, LLC, an affiliate of San Juan Capistrano, CA-based Birtcher Anderson & Davis Associates sold the property, which is located at 1907-1911 U.S. Highway 301 N in Tampa.
Ryan Vaught, Robyn Hurrell and Oliver de la Croix-Vaubois of Colliers International represented the seller. The buyer, which also purchased a six-building flex/office park a few miles north of Center Point Business Park earlier this year, was self-represented.
“Adding Center Point Business Park to the mix of its East Tampa portfolio allows Albany Road to create synergies between its two similar properties in the submarket, providing a wider variety of leasing scenarios to existing and prospective tenants,” said Vaught, Executive Managing Director at Colliers International.
With frontage on East Tampa’s north-south thoroughfare U.S. Highway 301, the property provides easy access to the entire Tampa Bay area via Interstate 4, Interstate 75 and the Lee Roy Selmon Expressway. Center Point Business Park features an above-market parking ratio, a well-maintained exterior with landscaping, various suite sizes, responsive ownership, and onsite JC’s Sandwich Shop.
Center Point Business Park includes five buildings and currently is home to 21 tenants. The park was 93% leased at the time of the sale. Among the current tenants are Florida Lottery, 3M, MVP Orthopedic, and Daikin Applied Americas, Inc.
“Fortunately, the majority of businesses that make up the tenant base at Center Point are in industries that have been notably resistant to the recent economic hardships,” said Hurrell, Managing Director at Colliers International. “Occupancy remained constant during the disposition process and upon closing.”
“With the flex/industrial asset class continuing to be a hot commodity in the commercial real estate industry, and West and Central Florida’s population growth not showing signs of slowing down, capital continues to pour into the region at unprecedented levels,” Vaught said. “Looking forward to 2021, we expect our region’s records to be shattered yet again.”
About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 68 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to maximize the value of property for real estate occupiers, owners and investors. For more than 25 years, our experienced leadership, owning approximately 40% of our equity, has delivered compound annual investment returns of almost 20% for shareholders. In 2019, corporate revenues were more than $3.0 billion ($3.5 billion including affiliates), with $33 billion of assets under management in our investment management segment.
About Albany Road
The Albany Road team collectively brings more than 200 years of real estate, investment banking, and venture capital experience to its established platform. The diverse, yet complementary, skill sets of the group provide the firm with a unique perspective and discipline that is utilized in evaluating a wide range of real estate opportunities. Since its inception, Albany Road has made 50 investment totaling $1.3 billion in gross asset value and approximately 12 million square feet. The firm will complete the raise of Albany Road Fund III in January 2021, which will likely be approximately $230 million in size. Following an initial focus on opportunities across New England, the firm has since expanded its reach into the Southeast in 2014, with the closing of multiple investments in Nashville, TN, Atlanta, GA, the Carolinas and Central Florida, and the opening of a regional office in Nashville. Albany Road employs a disciplined investment approach focused on, among other attributes, cost basis, yield, geography, product-type, and opportunities that allow it to take advantage of a continued and historically advantageous debt market.