Avistone Announces the Sale of Veteran’s Technology Center Near Tampa International Airport to Close out the Avistone Industrial Property Fund II.
Avistone announced the sale of Veterans Technology Center, a multi-tenant flex industrial park located on Beaumont Center Boulevard within one mile of the Tampa International Airport. The property includes 11 buildings totaling 253,000-square-feet situated in the centrally located Westshore/Airport submarket, considered one of Tampa’s tightest and most densely developed infill industrial areas.
Avistone sold the property to Arden Logistics Parks a logistics real estate operating platform launched by the Arden Group and specializing in the acquisition, improvement and property management of light industrial business parks across the country. Avistone first acquired the property in late 2020 from a local Tampa ownership group and invested significant capital to stabilize leasing, taking occupancy up from 80% to nearly 92%.
“This sale completes the successful disposition of the four properties in the Avistone Industrial Property Fund II, LLC and a total of 20 flex industrial parks sold over the last two years.” notes Daniel Culler. “We are proud to have delivered on our flex industrial strategy for our investors, tenants and stakeholders over the last 9 years.”
Veterans Technology Center has enjoyed strong leasing activity over the last 18 months, increasing occupancy by 24,853 square feet through seven new leases as well as 16 renewals and expansions by existing tenants. The diverse portfolio features 48 shallow-bay and flex suites with an average size of 4,778 square feet, offering the ability to accommodate both small and larger tenants.
Since its founding in 2013, Avistone has acquired and managed more than 4 million square feet of value-add flex industrial and hotel properties in California, Texas, Georgia, Ohio Virginia and Florida and delivered an average annualized total return of 16.27%.
To learn more about how you can benefit from Avistone’s real estate offerings, view our commerical real investment oppuritnites here.