Fully Leased Tampa-Area Asset Fetches $39M

16400 State Route 54. Image courtesy of JLL

FLRE Investors has acquired 16400 State Route 54, a 171,752-square-foot, fully leased office building in Odessa, Fla., for $38.9 million. Pasco County public records reveal that Southstate Bank financed the acquisition with a $23 million loan.

JLL Capital Markets brokered the deal on behalf of the seller, identified by CommercialEdge as a private investor. According to the same data provider, the property last traded in 2017 for $4.9 million.

Completed in 2006 on a 13-acre site and fully renovated last year, the single-story asset is anchored by two long-term tenants: Rasmussen University and Santander Consumer.

The building is located at the intersection of Suncoast Parkway 589 and Highway 54, providing access to downtown Tampa and the Tampa International Airport, which is situated roughly 20 miles south. Additionally, the site has an array of commuting and dining options nearby.

Florida’s allure

According to a recent CommercialEdge report, during the first three quarters of the year office deals in Tampa amounted to a total of $729 million. Registering an average sale price of $269 per square foot in that period, the market outperformed other southern metros, such as Orlando ($180 per square foot), Dallas ($193 per square foot), Atlanta ($235 per square foot) and Houston ($168 per square foot). The 16400 State Route 54 property changed hands at $226 per square foot, below Tampa’s average year-to-date through September.

JLL Senior Director Robbie McEwan and Directors Michael Brewster and Matthew McCormack, together with Managing Director Gary Godsey arranged the transaction on behalf of the seller. Earlier this year, McEwan and McCormack were part of the JLL team representing The Prudential Insurance Co. of America in the sale of 701 San Marco, a 19-story Class A office tower at 701 San Marco Blvd. in Jacksonville, Fla.