Birtcher Anderson & Davis, in a joint venture with Belay Investment Group, has purchased an eight-building portfolio called the Sunstate Business Park for $17.1 million. The buildings total 180,323 square feet of flex/industrial space and are located at the intersection of W Waters Avenue and Sunstate Street in Tampa, 2 miles from Tampa International Airport.
Ryan Vaught, Robyn Hurrell and Nathan Lynch of Colliers International represented the seller, Citimark. The buyer was self-represented.
“Everyone’s chasing infill industrial real estate right now. And given the high barriers to entry in this submarket – with limited availability of existing space and virtually no quality development sites for new construction – acquiring Sunstate Business Park was a great opportunity for the buyer.”
– Ryan Vaught, Executive Managing Director, Industrial Services for Colliers International
The addresses for the eight buildings in the Sunstate Business Park portfolio are 4893, 4895, 4897, 4899 and 4901 W Waters Ave. and 8403, 8412-8434 Sunstate St. in Tampa.
At the time of the sale, the Sunstate Business Park portfolio was 91.1% leased. Among the 26 tenants are Freedom Scientific Inc., Cooper Speed, Calta’s Fitness Center and American Technologies Group.
The buildings feature stock-height and grade-level loading to accommodate various users and recently underwent capital improvements to refresh signage, landscaping and exterior paint. The portfolio is located less than a mile from the Veterans Expressway/State Road 589 and is visible from Waters Avenue, a highly trafficked thoroughfare in Tampa.
Birtcher Anderson & Davis currently owns and manages approximately 11 million square feet of commercial real estate throughout the country. Since October 2020, Birtcher Anderson & Davis and Belay have acquired three portfolios totaling over $110 million. Having sold off over 1 million square feet in Tampa-based assets over the past two years, the Sunstate Business Park is currently the only property Birtcher Anderson & Davis owns in the Tampa Bay market.
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.
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