CIP Real Estate Buys Tampa Asset

Sunstate Industrial Park’s acquisition represents the company’s third investment in Tampa, Fla., this year. Image courtesy of CommercialEdge

In a $27.3 million deal, CIP Real Estate has acquired Sunstate Industrial Park, a 180,367-square-foot property in Tampa, Fla. Colliers represented the seller, a joint venture between Birtcher Anderson & Davis and Belay Investment Group.

Cushman & Wakefield negotiated the transaction on behalf of CIP Real Estate, which closed on its third acquisition in Tampa this year.  The property last changed hands in 2021, for $17.1 million, CommercialEdge data shows.

Sunstate Industrial Park is a one-story flex industrial building at 4899 W. Waters Ave., featuring 18-foot clear heights, sky lights, HVAC climate control systems, ample column spacing, loading doors, dock levelers and bumpers, as well as 379 parking spots, the same data provider shows.

READ ALSO: CIP Real Estate’s CEO Is Still Keen on Industrial. Here’s Why.

Sunstate Industrial Park covers 15 acres, 7 miles from Tampa International Airport, 12 miles from downtown Tampa and within 21 miles of Clearwater, Fla. The property is leased to 32 tenants, including companies such as Rezalo Health & Performance, ATI Restoration, DesignCraft Kitchen & Bath and Universal Screen Graphics, according to CommercialEdge. The new ownership plans to invest in interior improvements, while also enhancing the property’s exterior appearance, to bring the Class B industrial asset to a high-quality status.

Cushman & Wakefield’s team of Jason Hochman, Ron Granite and Seam Campbell assisted CIP Real Estate in securing acquisition financing. With this purchase, the company has expanded its Tampa industrial footprint to more than 585,000 square feet. Last year, CIP Real Estate picked up Center Point Business Park and Hampton Oaks Business Park, two industrial complexes in East Tampa totaling 405,772 square feet. The $74.3 million deal marked the company’s entry in the Florida market.