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].
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