CIP Real Estate completed its $74.3 million off-market purchase of Center Point Business Park and Hampton Oaks Business Park, two industrial complexes in East Tampa, Florida, located at 1907-1911 N. 301st Highway 301 and 5903, respectively Hampton Oaks Parkway.
CIP purchased the properties of Albany Road Real Estate Partners. Two teams of Cushman and Wakefield brokered the transaction, marketing the property and providing acquisition funds through United Bank. CIP plans to invest an additional $6.3 million in building upgrades and renovations over the next two years.
Center Point Business Park was built in 1986 and has five buildings and 146,229 square feet. Albany Road had acquired the property in 2020, according to information from CommercialEdge. Campus tenants include TEM Systems, Osprey Construction, AXYZ and Care Wise, according to the same data.
Hampton Oaks Business Park was built in 1987 and is home to six buildings totaling 259,543 square feet. Albany Road bought the park in 2020 for $36.7 million, with a $27.5 million loan from Bank of Regions, CommercialEdge data is displayed. Park tenants include PdMA, Numotion, Hivelocity, Affinity Group and Heidt Design.
Both properties feature 37-foot dock heights, 58 grade levels and 22 ramp loading depots. Located within 3 miles of each other, both properties are within 8 miles of downtown Tampa and close to many freeways including Interstate 75, US Routes 301 and 400, allowing quick access to shipping and logistics to other North and Central Florida cities.
Cushman & Wakefield vice-president Rick Brugge represented the seller, and a debt team consisting of executive director Jason Hochman and director Ron Granite acted on behalf of the buyer.
Tampa’s lukewarm returns
Despite a slow rental growth rate of 2.2%, Tampa has remained a hot market for industrial investment and development, in part due to its location and an immigration of workers, according to data from an October 2022 CommercialEdge report. As of September 30, the city had seen $1.1 billion in industrial property sales, with 5.7 million square feet of space in its pipeline, well below that of many other towns in the Sun Belt.
Another high-profile industrial real estate title in the city is Hines’ grand opening of the Tampa Commerce Center, a four-building Class A project exceeding 600,000 square feet.