Tampa Commercial Real Estate Wrap-Up – November 2020

Tampa Commons. Image courtesy of Bridge Investment Group

Tampa Bay commercial real estate produced its fair share of headlines in November. Both investment and development showed signs of life across asset classes, with a focus on industrial and mixed-use properties. Work at the 9 million-square-foot Water Street Tampa megaproject is also moving forward, although the developer is laying off some of its staff and focus mainly on leasing and management at nearly completed buildings, according to Tampa Bay Times. Catch up with our November selection of Tampa must-knows:  

1. DEAL – Bridge Investment pays $56.5 million for office property.

The company acquired the 253,900-square-foot Tampa Commons from Angelo Gordon through subsidiary Bridge Office Fund Manager. The buyer financed the purchase with a $28.9 million loan from Wells Fargo Bank. Completed in 1985 and most recently renovated in 2018, the 13-story building occupies 3.4 acres at 1 N. Dale Mabry Highway in Westshore. The new owner plans to further improve the property and rename it 1 North Dale Mabry.

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2. DEAL – AEW Capital Management buys Amazon-leased Seffner asset.

Dalfen Industrial sold I-4 Logistics Center, a 424,550-square-foot property, for $47.9 million, according to Tampa Bay Business Journal. Dalfen had acquired the speculative building last year for $29.1 million. Situated on 37 acres at 1003 N. Taylor Road, the 2019-competed facility features crossed docked loading, 36-foot clear heights and 70 dock-high positions. Amazon leased the entire warehouse this June. Cushman & Wakefield brokered the sale.

3. DEVELOPMENT – Work starts on Yuengling Tampa Campus revival.

Alliant Partners broke ground on the mixed-use project meant to enhance the 43-acre brewery site of D.G. Yuengling & Son Inc. Alfonso Architects designed the $65 million development to include a restaurant featuring a tasting room, an outdoor recreation area and beer garden as well as a concert and entertainment pavilion. In addition, Alliant teamed up with Capstone Development for the construction of an on-site 200-key hotel. Delivery is slated for early 2022.

4. OPERATIONS – Cushman & Wakefield to lease, manage Water Street Tampa buildings.

The company will handle all management and leasing activities at Strategic Property Partners’ 1001 Water Street and 400 Channelside Drive. Totaling 880,000 square feet and designed to achieve LEED and WELL certifications, the two office buildings are under construction, with expected completion in May 2021. At full build-out, Water Street Tampa is set to include 2 million square feet of office and 1 million square feet of retail/entertainment space, as well as 3,500 apartments and 1,593 hotel rooms.

5. LEASING – Nestle Waters signs Plant City warehouse lease.

The Nestle subsidiary will occupy 282,639 square feet at the 1.1 million-square-foot County Line Logistics Center, according to Tampa Bay Business Journal, bringing the park’s Building 300 to full occupancy. Nuveen Global Investments purchased the 2019-built property in October, in a $272 million portfolio transaction. The facility at 4181 Rice Road has 92 dock-high and four grade-level loading doors. JLL represented the landlord, while Colliers International assisted the tenant.