Cushman & Wakefield announced today the commercial real estate services firm has arranged the sale of Hampton Oaks and Center Point, two business parks totaling 405,772 square feet in Tampa’s East Side submarket. The final sale price was $74.34 million.
Cushman & Wakefield’s Rick Brugge, Mike Davis, Rick Colon, and Dominic Montazemi with support from Ryan Jenkins represented the seller, Albany Road Real Estate Partners, in the transaction. Jason Hochman and Ron Granite of Cushman & Wakefield secured two loans totaling $54.435 million in acquisition financing through Banked United on behalf of the buyer, CIP Real Estate LLC.
“Hampton Oaks and Center Point are both well located, high-quality light industrial parks in Tampa’s predominant East Side submarket. Both have high historical occupancy rates and are well positioned for future success,” said Brugge, Vice Chair at Cushman & Wakefield.
Hampton Oaks Business Park totals 259,543 square feet and consists of six buildings located at 5903, 5904, 5905, 5907, 5908, and 5909 Hampton Oaks Pkwy. Nearby is Center Point Business Park which totals 146,229 square feet and consists of five buildings located at 1907 and 1911 N. US Hwy. 301.
Both business parks are high-quality assets that were fully leased at the time of sale. Each includes warehouse floor space along with dedicated areas for office use, 12-to-18-foot clear heights, and ample parking for vehicles on-site. They are also positioned with unparalleled access to Florida’s major north-south and east-west throughfares via Interstate 75 and Interstate 4.
“A highly experienced client with a sound business plan allowed us to get these loans done,” said Hochman, Executive Director at Cushman & Wakefield. “We secured a good blend of proceeds, future funding, flexible pre-payment, and a low rate spread that best fit the buyer’s needs.”
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 50,000 employees in over 400 offices and approximately 60 countries. In 2021, the firm had revenue of $9.4 billion across core services of property, facilities and project management, leasing, capital markets, and valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
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 launch in July 2012, Albany Road has made 67 investments across 13 states, totaling 15.1 million square feet, with a gross asset value of $2.0 billion. Following an initial focus on opportunities across New England, the firm has built a Southeast platform out of Nashville, with multiple investments in Nashville, Atlanta, the Carolinas, and Central Florida. Specifically, within the Southeast, the firm has acquired six million square feet, with an asset value of $760 million. Since then, Albany Road has further expanded into the Southwest and Mountain West regions of the US with regional offices in Dallas and Denver, respectively. 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 historically advantageous debt market.