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.”