Avistone Acquires Airport Corporate Center and Bay Tec Center in Tampa, Florida

By David Sheets | Aug 25, 2017 News / Portfolio
Airport Corporate Center

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].

*Important Disclosures:

This communication is intended solely for accredited investors as such is defined in the Securities Act, and is not intended as an offer to sell, or the solicitation of an offer to buy any securities or ownership interests. The opinions and forecasts expressed herein are solely those of Avistone, LLC, as of February 24, 2023, and subject to change. Actual results, future events, predictions, circumstances and events will vary and be different from those set forth herein, and there are no guarantees that any positive or successful results, express or implied, by investors will be realized. Avistone specifically disclaims any right or obligation to provide investor returns at forecasted levels. Avistone’s track record from 2013 to December 2022; no guarantee of future results. The performance information of Avistone’s prior projects has not been audited by any third-party. The track record metrics reflect the weighted average performance of all our clients, and not every investor experienced exactly these same returns. Any and all evaluations for investment purposes must be considered in conjunction with a final Private Placement Memorandum (the “PPM”); all prospective investors are strongly encouraged to read all “risk factors” in the PPM. Further, some of the initial information provided above contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve numerous risks and uncertainties, and investors should not rely on them as predictions of future events. Investments in private securities contain a high degree of risk and often have long hold periods. They are illiquid and may result in the loss of principle. Avistone’s strategy may not occur due to numerous external influences.