September 20, 2018
RIVERVIEW, FL – Transwestern today announces it has closed the $14.7 million sale of a two-building flex/office portfolio at 2600 and 2700 Falkenburg Road in East Tampa’s Riverview, Florida. Transwestern Managing Director John Bell and Senior Managing Director Walter Byrd marketed and facilitated the sale on the Ten-X online auction platform on behalf of the seller, a special servicer.
“Investor response to the portfolio was exceptional, which is indicative of the intense buyer demand for office and flex space in the Southeast U.S.,” said Bell. “Demand is outstripping supply, and as a result, we experienced highly aggressive bidding from investors.”
The buildings are situated at the gateway to First Park @ Brandon, a high-profile corporate park with convenient access to Interstate 75, Highway 301 and the Selmon Crosstown Expressway. Transwestern assumed management and leasing of the portfolio when it was 35 percent occupied. Working with Hain Commercial Realty, Transwestern repositioned the buildings by improving the quality of tenants and raising occupancy to 86 percent at the time of the sale.
“The flex sector in Riverview and Tampa overall is extremely healthy,” said Bell. “Tenant demand is growing, and the market has been targeted by the country’s most aggressive capital as well as by foreign groups.”
East Tampa’s flex market vacancy rate is 6.3 percent. Year-to-date 2018 rents have increased 9.1 percent over year-end 2017. Riverview continues to enjoy remarkable growth driven by its key location in Central Florida along the heavily populated Interstate 75 corridor.
Bell has executed real estate transactions in excess of $4 billion across all asset types with a primary focus on markets in Florida and throughout the Southeast. He is an expert in trophy and distressed assets and has a diverse roster of institutional, private and special servicer clients.
Transwestern is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service – the Transwestern Experience. Specializing in Agency Leasing, Tenant Advisory, Capital Markets, Asset Services and Research, our fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. We leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Based in Houston, Transwestern has 35 U.S. offices and assists clients through more than 211 offices in 36 countries as part of a strategic alliance with BNP Paribas Real Estate. Experience Extraordinary at transwestern.com and @Transwestern.