Tampa Commercial Real Estate Wrap-Up – May 2020

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In May, Tampa moved one step closer to completing its preparations for Super Bowl LV, despite social distancing and sanitation guidelines established for all construction in April. Many of the city’s largest ongoing projects linked to the NFL event, according to Tampa Bay Business Journal. Commercial real estate activity was varied across sectors: A Fortune 500 company inked a large office lease amid declining nationwide demand, and a major hospital expansion project reached a milestone. Here’s our May selection of Tampa must-reads.

1. LEASING – Bausch Health signs Northeast Tampa industrial lease.

The company will occupy 127,254 square feet at Cabot at Aprile Farms, Cabot Properties’ two-building, 390,395-square-foot distribution center. Located on 22 acres at 8963 E. Sligh Ave., the Class A property delivered in 2019. The warehouses feature 30-foot clear heights, ESFR sprinklers, ample dock-high loading doors and on-site trailer storage. The location at the corner of Interstate 4 and U.S. Route 301 provides easy access to the city center, 9 miles southwest. 

2. LEASING – Centene Corp. leases spec building at Renaissance Center.

The health insurance company will fully occupy Renaissance Center 7, Vision Properties’ $40 million, 118,808-square-foot office project underway within its 71-acre business park, according to Tampa Bay Business Journal. Work on the four-story development kicked off in early 2019. Itasca Construction Associates is the general contractor for the Horton, Harley and Carter-designed building. Centene plans to begin tenant improvements in June.

3. DEVELOPMENT – Largest hospital expansion in Tampa Bay history tops off.

AdventHealth’s 300,000-square-foot Taneja Center for Innovative Surgery hit the milestone, on track for completion in 2021. The developer broke ground on the $256 million project at the corner of Fletcher Avenue and Bruce B. Downs Boulevard in 2018. The six-story facility will have 24 operating rooms, a new hospital entrance and more than 100 dedicated post-surgical patient rooms.

4. DEAL – SRS Real Estate Partners closes 7-Eleven property deal.

A 1031 exchange investor paid $5.6 million for the 3,109-square-foot retail building at 9401 49th St. N. in Pinellas Park. SRS’ National Net Lease Group First Vice Presidents Frank Rogers and Michael Carter represented the seller, a merchant developer. The 2019-completed property is at the intersection of Ninth Avenue and 49th Street North, with direct access to Highway 19.