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Commercial Real Estate
Business Observer Thursday, Jun. 3, 2021 11 months ago

Pair of investments total $53.65 million

Lakewood Ranch office building, Tampa industrial asset signal that investors are looking post-COVID-19.
by: Kevin McQuaid Commercial Real Estate Editor

Two recent major asset sales that generated $53.65 million in transactional volume signal that investors are looking past the COVID-19 pandemic along the Gulf Coast.

In Lakewood Ranch, an affiliate of Glen Allen, Va.-based Reva Cos. acquired an office building that is fully occupied by Carrier Global Corp. for $21 million, property records show.

And in Tampa, New York investment firm KKR spent $32.65 million to acquire the Tampa Fulfillment Center, which was completed late last year by Keating Resources and Miami’s Easton Group.

“The demographic growth in Tampa in particular has been impressive, and we are delighted to add this well located, high quality asset to our portfolio,” says Roger Morales, a KKR partner and head of its Commercial Real Estate Acquisitions division in the Americas, in a statement.

KKR owns nearly 34 million square feet of industrial property, 1.4 million square feet in the Tampa Bay area.

The 178,367-square-foot building, on 18 acres at 101 S. 34th St. two miles east of downtown Tampa, is fully leased to Smiths Interconnect and two others. It features a 32-foot-clear ceiling height, ESFR fire suppression system and a 130-foot wide truck court.

The sale was negotiated by Cushman & Wakefield’s Rick Brugge, Mike Davis, Rick Colon, Dominic Montazemi, Zachary Eicholtz and Jordan Stenholm.

In Lakewood Ranch, the two-story building, at 8985 Town Center Parkway, serves as one of two Carrier corporate training centers for customers and vendors. It had been owned since late 2011 by an affiliate of Cole REIT Advisors III, of Phoenix.

Prior to Reva’s purchase, Carrier agreed to extend its commitment to the 106,790-square-foot building by an additional five years. Duke Realty Corp. developed the project on 12 acres for Carrier in 2004, records show.

CBRE Group’s West Florida capital markets team, which consists of Dale Peterson, Joe Chick, Kristen McFarland and Courtney Snell represented Carrier in the sale.

“The combination of an exceptional building, a high-quality corporate tenant and a location in one of the fastest-growing residential communities in the country generated a lot of interested parties,” Peterson, a CBRE senior vice president, says in a statement.




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