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New acquisition marks institutional investor’s expansion into the Tampa Bay market
TAMPA, September 26, 2017 – JLL announces today that the firm has closed on the $22.5 million sale of a 334,279-square-foot industrial portfolio within Breckenridge Park located at 5802-5912 Breckenridge Parkway in Tampa, Florida. The 51-acre business park is ideally situated at the intersection of Highway 301 and Interstate 4 (I-4), a few minutes' drive from Downtown Tampa.
The JLL team of John Dunphy, Ryan Vaught and Robyn Hurrell represented the seller, Triangle Capital Group, in the transaction. The buyer was MLG Capital, a national real estate investment firm with 30 years of investing experience, that has completed about 79 acquisitions and currently has a portfolio of over 9 million square feet of commercial space across the US.
"Tampa's industrial sector is thriving with unprecedented levels of demand for space across the region. This performance has caught the attention of national users and investors," said JLL's Ryan Vaught. "The sale of the Breckenridge Park portfolio is a testament to the strength of the market and represents a significant addition to MLG Capital's portfolio as the group looks to stake its claim in Tampa's active commercial market."
Breckenridge Park is home to a high-profile tenant roster that includes Swagelok, a $2 billion company headquartered in Ohio that provides high-performance, fluid-handling components, assemblies, and related services to customers in 70 countries; Rosetta Technologies, a creator of innovative print technology solutions; and Audio Fidelity Holdings, a producer of high-end audio equipment.
Breckenridge Park features a beautiful garden, ample parking and on-site property management services. Grade-level and dock-high loading options are available to industrial users. The park is also located in close proximity to a variety of amenities including hotels, dining and entertainment options.
JLL's Q2 Industrial Insight report found that market interest in Tampa remains high as tenants look to upgrade their current spaces at a time when a number of companies are seeking to expand their footprint. Overall, the high-level of demand has caused asking rental rates to increase by approximately 13.7 percent year-over-year.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $145 billion. At the end of the second quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of nearly 80,000. As of June 30, 2017, LaSalle Investment Management had $57.6 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
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