JLL closes $47.1M sale, $31.8 financing for Tampa portfolio
JLL brokers sale and secures financing for 580 Corporate Center, an industrial and office portfolio in Florida's Tampa MSA.
ORLANDO, October 16, 2019 – JLL announced today that it has closed the $47.1 million sale of and arranged $31.8 million in acquisition financing for 580 Corporate Center, a six-building, multi-tenant industrial and office portfolio totaling 376,551 square feet in the Tampa-area community of Oldsmar, Florida.
JLL represented the seller, Tampa-based Cardinal Point Management. Adler Real Estate Partners purchased the asset. Additionally, working on behalf of the new owner, JLL placed the five-year, fixed-rate acquisition loan with Regions Bank.
Situated on 20.03 acres, 580 Corporate Center is located at 4023, 4025, 4027, 4029, 4033 and 4035 Tampa Road in Oldsmar, a community in the Tampa/St. Petersburg/Clearwater MSA that is approximately 15 miles northwest of downtown Tampa. The portfolio is in the North Pinellas submarket, which is one of the best-performing industrial and office submarkets in the Tampa area. Additionally, the portfolio is located within 20 miles of major thoroughfares, including Veterans Expressway and Interstates 275, 4 and 75. 580 Corporate Center is 91% leased to a mix of credit and local tenants with an average remaining lease term of nearly five years. A future pedestrian bridge over Tampa Road will provide tenants direct access to Oldsmar Town Center’s abundance of shops and restaurants.
The JLL Capital Markets team representing the seller was led by Senior Director Robbie McEwan, Managing Director Luis Castillo and Senior Managing Director Chris Drew.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Paul Stasaitis and Analyst Michael DiCosimo.
“580 Corporate Center was a unique transaction that included creative office, front- and rear-load and light industrial buildings,” McEwan said. “As tenant demand for creative office and light industrial continues to penetrate markets within Florida, JLL is uniquely qualified to reach investors who realize the true value of these assets. We were very pleased to be able to demonstrate our expansive market reach to maximize value for our client.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
About Cardinal Point Management
Cardinal Point Management, LLC (“Cardinal Point”) is a commercial real estate investment firm based in Tampa, Florida. The investment team is comprised of experienced commercial real estate professionals with institutional investment backgrounds. The firm is primarily focused on value-add real estate investment opportunities. Cardinal Point seeks to make investments where the integration of the firm’s property management, asset management, and brokerage platform is a cornerstone of successful strategy execution. Sample investments include the Slade in Channelside, Riverside at Telecom Park, a 440,000-square-foot office portfolio in Carillon, and Coastal Tower in Fort Lauderdale. Learn more at crdpt.com.
About Adler Real Estate Partners
With a proven track record, Adler Real Estate Partners is an entrepreneurial real estate company pursuing a vertically integrated niche strategy which invests in multi-tenant industrial and office properties. The company is highly focused on a specific market sector, enabling it to generate favorable risk adjusted returns. Formed in 2012 as an independent company, the firm carries in its DNA the successful 50-year track record of acquiring and operating multi-tenant light-industrial and office assets of Matthew Adler’s legacy family business, the Adler Group. By vertically integrating its operations, the firm leverages its property and asset management expertise to add value across the entire spectrum of its investments. For more information, visit adler-partners.com.