Cushman & Wakefield announced today the commercial real estate services firm has arranged the sale of 4908 Tampa West, a 214,806-square-foot industrial property in Tampa’s Airport submarket. The final sale price was $22.95 million, equating to $107 per square foot.
Cushman & Wakefield’s Rick Brugge, Mike Davis, Rick Colon and Dominic Montazemi, with support from Chloe Strada, represented seller Robert Curran from Tryumph, LLC in the transaction. Jason Hochman and Ron Granite of Cushman & Wakefield secured $15.1 million in acquisition financing through a national insurance company on behalf of buyer IP Capital Partners.
“4908 Tampa West represents a unique value-add industrial opportunity in a submarket with one of the highest barriers to entry in Florida. With 30-foot plus clear heights, heavy power and five acres of excess land for outside storage or future development, the property is well positioned for future success,” said Rick Brugge, Vice Chair at Cushman & Wakefield.
4908 Tampa West is centrally located in Tampa’s most land constrained submarket, generating strong tenant demand, very low vacancy rates, and significant growth opportunities for the property throughout the region. Additionally, the property sits in proximity to Tampa International Airport and is easily accessible to Interstate 275 and Interstate 4 which provide connectivity to the rest of the Tampa Bay region. The property was fully leased at the time of sale.
In the future, 4908 Tampa West will be one of only five buildings in the submarket with over 30-foot clear heights through the removal of a portion of existing mezzanine space. There is also opportunity to add a second building of approximately 100,000 square feet on excess paved land located onsite.
“There were many lenders interested given the strong value-add opportunity and more so, an experienced sponsor who can maximize the property’s value,” said Hochman, Executive Director at Cushman & Wakefield. “We ultimately selected one who could lock in a low fixed rate and provide funding for future property improvements.”