Avistone, LLC has announced the acquisition of Airport Corporate Center and Bay Tec Center located in Tampa and St. Petersburg, Florida, respectively. The properties consist of a combined 231,867 square feet of multi-tenant flex industrial space on 20+ acres. Built between 1982-1985, the properties consist of fourteen (14) separate buildings, which are currently leased to a diversified tenant base, including a mix of regional, national, and multi-national tenants.
The company negotiated an acquisition price of approximately 60-70% below replacement value, with strong projected average cash-on-cash yields and IRR over a 3-5 year holding period.
According to research reports by CBRE, the Tampa industrial market continues to be robust. The combination of the overall market vacancy being at 4.9% and fifteen consecutive quarters of positive net absorption lends itself to strong tenant retention in the market. Additionally, the investment offers diversification through two properties with a total of 56 tenants in two separate submarkets showing strong demand for this product type.
“We are very excited to acquire our third and fourth properties in Florida. Based on the success of our other two properties in the state, we are optimistic that these Tampa properties will perform at or above our projections and offer investors risk mitigation through diversification,” said Richard Kent, President of Avistone. “The Tampa properties align perfectly with our goal to provide investors with current cash yields, stability of principal and the potential for long-term capital gains. We continue to actively acquire multi-tenant flex industrial properties that fit within our strategy and create value for our investors.”
Avistone is a premier commercial real estate firm specializing in multi-tenant flex industrial properties. The company is currently acquiring and managing quality, stabilized multi-tenant properties throughout the US from $5 to $25 million. To learn more about Avistone and how you can benefit from its investments, please contact us at [email protected].
© 2024 Avistone, LLC. All rights reserved.
Communications from Avistone, LLC or its affiliates (referred to together as "Avistone"), whether it is transmitted through its website, social media, email, text or any other marketing platform used by Avistone (collectively termed "Avistone Communications") must not be taken as recommendations or endorsements to purchase, sell, or hold any securities. Furthermore, Avistone Communications should not be considered as advice related to investment, taxation, finance, accounting, legal matters, regulations, or compliance.
To gain a comprehensive understanding of the risks associated with the securities mentioned herein or in Avistone Communications, it is essential to review them with related private placement memorandums and other offering documents. Participating in private placements requires substantial financial commitment and the ability to tolerate a complete loss of the investment. Avistone Communications provide a preliminary overview and insights into Avistone sponsored investments, and are intended for initial reference. However, they do not encompass all relevant information and should not be considered a complete representation. The information presented is subject to further updates without notice and qualification as provided in the relevant offering materials. It's important to note that Avistone is not registered as a broker-dealer, and Avistone does not make any claims or warranties regarding the legality of investments in Avistone sponsored investments ("Avistone Investments").
Investing in alternative securities or real property carries inherent risks, are illiquid, may depreciate in value, and is limited to accredited investors under the Securities Act of 1933. These risks include market fluctuations, credit vulnerabilities, interest rate exposure, and potential loss of capital. Before investing, all prospective investors must conduct an independent assessment, evaluate fees, uncertainties, and risks outlined in offering materials, and consult with investment, tax, financial, and legal advisors. Neither the Securities and Exchange Commission nor any federal or state securities commission or regulatory authority has recommended or endorsed any Avistone Investment, or authenticated the accuracy or exhaustiveness of any information or materials furnished via Avistone Communications.
The information in Avistone Communications is not a recommendation, investment advice, or a solicitation to buy, sell, or hold any security or investment strategy. It is not provided in a fiduciary capacity and does not consider an individual investor's specific goals or circumstances. The information reflects Avistone's market interpretation, and the success of Avistone Investments is not guaranteed. Investment decisions should be based on individual goals, in consultation with financial professionals. Past performance does not predict future outcomes. All research and supplementary information in Avistone Communications are for informational purposes only, and Avistone assumes no responsibility for inaccuracies or omissions in the content or linked resources.
The financial and investment benchmarks, including forecasted internal rate of returns (IRR), total return, distribution yields, multiples, and investment holding period returns, displayed on Avistone Communications are projections, subject to change and should not be considered as actual investment outcomes or guarantees of future results. These benchmarks always come with inherent risks, such as market volatility, operational uncertainties, and limited liquidity. Additionally, financial metrics and calculations within Avistone Communications have not undergone independent verification or audit and may differ from actual financial metrics for any investment. The investment data provided is sourced from entities believed to be reliable, but no assertions or warranties are made regarding its accuracy or comprehensiveness, and Avistone assumes no responsibility for any inaccuracies.
Avistone’s historical track record in the industrial sector showing past performance is no guarantee of future results. The performance of Avistone’s prior industrial projects have not been audited by any third party. Not all investors received the same returns due primarily to investments in different property offerings. Full-Cycle Track Record average metrics are based on weighted averages that treat investment dollars equally and are calculated after summing the results of all Avistone full-cycle industrial investments, weighted by each investment's respective capitalization amount for each Full Cycle Investment.
Materials or data emanating from third-party media external to this domain or Avistone Communications may address or refer to Avistone or correspond to information contained herein, however, Avistone does not extend endorsement or accountability for such content. Hyperlinks to external sites or reproduction of content from third-party sources do not denote an endorsement or approval by Avistone of the content thus linked or reproduced.