In what Cushman & Wakefield Research reports as the largest single-site industrial transaction in the Tampa market since January 2010, High Street Realty has purchased the Tampa Distribution Center, a 955,000-square-foot industrial campus at 1212 N. 50th Street in Tampa, FL, for an undisclosed sum (though an industry source pegged the deal at more than $40 million). The seller, MetLife Real Estate Investors, had owned the property since 1974 according to Hillsborough County property records. Cushman executive director Mike Davis, along with senior directors Rick Brugge and Michael Lerner represented MetLife in the transaction. Cushman & Wakefield will also handle leasing and management of the facility.
"This is a prime infill industrial investment with close proximity to the growing urban core making it highly desirable for tenants from both a distribution and employment perspective," Davis told GlobeSt.com. Last week, Davis, Brugge, and Lerner completed the largest overall industrial transaction in the past six quarters when it closed the $103-million sale of a 1.7-million-square foot industrial portfolio in Pinellas County.
Built in 1973, the Tampa Distribution Center sits on a 54-acre parcel lose to the Lee Roy Selmon Expressway, I-4 and Adamo Drive. Tampa Distribution Center contains six distribution buildings with dock-high, tilt-wall construction. The center was 82% leased at the time of sale with major tenants including Lansing Building Products, Consolidated Container, Motion Industries, Ricoh and Brighton Best.
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