The Tampa Distribution Center has a total area of nearly 1 million square feet.
TAMPA, FL – Link Industrial Properties, Blackstone's US industrial platform, has acquired a significant industrial property here – the 955,000 square meter Tampa Distribution Center.
High Street Realty Co. sold the Tampa East Side property for $ 69.5 million, according to Cushman & Wakefield. The Cushman & Wakefield investment sales team of Vice Chairman Mike Davis, General Manager Rick Brugge, and Director Rick Colon represented High Street Realty, a Boston-based private equity real estate investment company, on the sale.
The Cushman & Wakefield Industrial Leasing team of Managing Director Julia Silva and Senior Associate Jessica Mizrahi, who were involved in the sale, was hired by the Black stone Link Industrial Properties company.
The Tampa Distribution Center is located at 1212 N. 50th St. and is located in the center of the Tampa Bay metropolitan area. The property is located off the Selmon Expressway and is accessible from several major arteries including the Port of Tampa, Interstate 4, Interstate 75 and Tampa International Airport. The property is 4 miles from downtown Tampa and is adjacent to the UPS Hub in Tampa. The central location enables last mile delivery of e-commerce to 90% of the MSA population or 2.7 million residents in 45 minutes, according to Cushman & Wakefield.
The Tampa Distribution Center consists of six dock-tall industrial buildings with front loading and flow on 51 acres. Suite sizes range from 2,500 square feet to 90,000 square feet, and average 15,000 square feet. The property is currently 94.6% let. Notable tenants include Lansing Building Products, Consolidated Container Company, Feeding America Tampa Bay, Courier Express, General Insulation Company Inc. and Storopack Inc.
“The market for functional, fillable, multi-tenant industrial funds is still very strong,” says Bruges of C&W. “These assets tend to perform well over time, and institutional investors appreciate the stability they offer their portfolios . The Tampa Distribution Center is a great example of a property that meets these characteristics. "
Davis added, “The ability of this project to accommodate small, medium, and large users provides stable cash flow as tenants can expand and contract within the park. In addition, high barriers to entry and the lack of industrial sites for development in the Eastside submarket will help position the Tampa Distribution Center for future rental growth. "