Westmount Realty Capital, LLC announced the acquisition of Interstate Business Park, a seven-building suburban office/flex property, in the popular Interstate 75 Corridor in Tampa. The Class B, 12.5-acre business park offers unmatched connectivity to major thoroughfares, including I-75, I-4, U.S. Highway 301, State Road 60 and State Road 618. The acquisition is Westmount’s first office property in Florida.
The property, which also has a small portion of warehouse space with grade-level access, is 73% occupied with more than 32,000 square feet of vacancy. National credit, government and construction tenants include Kissinger Campo & Associates, Cohen Veterans Network, Ferguson Enterprises, Flatwoods Consulting Group, Nova Engineering and Environmental and the Florida Department of Agriculture. Most current leases expire between 2023-2026.
“Interstate Business Park is a rare, value-add investment opportunity that is well positioned to thrive in the post-COVID office world,” said Nick Sands, Westmount’s Florida industrial market leader. “With five, two-story buildings and two, one-story buildings, the property is able to accommodate a diverse grouping of tenants focused on well-located, low-rise suburban office buildings with flexible space availabilities.”
The asset has been institutionally owned and operated, with just over $1.6 million dollars spent on capital improvements. Renovations in 2020 totaled more than $340,000 including exterior painting, window replacements, awning replacements, parking lot updates and an elevator remodel.
“Tampa is the third most populous city in Florida, offering convenient access to nearby retail amenities and the most recognized residential communities, including Wesley Chapel, New Tampa, Riverview, Brandon, Valrico, Bloomingdale and Apollo Beach,” said Brant Brown, CFO and COO of Westmount. “In addition to our planned capital expenditures for this property, having local experts like Nick working for us in the region will be instrumental to our accelerated growth in this key market.”
About Westmount Realty Capital
Westmount Realty Capital, LLC is a time-tested, privately held, Dallas-based commercial real estate company that has achieved exceptional performance, with a core team in place, for more than 30 years. Westmount is seen as an innovator and leading-edge company in the industry and is a relationship-driven trusted operating partner of numerous U.S. and foreign institutional and private capital sources. The company is active within the U.S., specializing in value add and opportunistic investments, and has navigated successfully through multiple market cycles. For additional information, contact www.westmountrc.com.