October 16, 2019– JLL announced today that it has closed the $47.1 million sale of and arranged $31.8 million in acquisition financing for 580 Corporate Center, a six-building, multi-tenant industrial and office portfolio totaling 376,551 square feet in the Tampa-area community of Oldsmar, Florida.
JLL represented the seller, Tampa-based Cardinal Point Management. Adler Real Estate Partners purchased the asset. Additionally, working on behalf of the new owner, JLL placed the five-year, fixed-rate acquisition loan with Regions Bank.
Situated on 20.03 acres, 580 Corporate Center is located at 4023, 4025, 4027, 4029, 4033 and 4035 Tampa Road in Oldsmar, a community in the Tampa/St. Petersburg/Clearwater MSA that is approximately 15 miles northwest of downtown Tampa. The portfolio is in the North Pinellas submarket, which is one of the best-performing industrial and office submarkets in the Tampa area. Additionally, the portfolio is located within 20 miles of major thoroughfares, including Veterans Expressway and Interstates 275, 4 and 75. 580 Corporate Center is 91% leased to a mix of credit and local tenants with an average remaining lease term of nearly five years. A future pedestrian bridge over Tampa Road will provide tenants direct access to Oldsmar Town Center’s abundance of shops and restaurants.
The JLL Capital Markets team representing the seller was led by Senior Director Robbie McEwan, Managing Director Luis Castillo and Senior Managing Director Chris Drew.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Paul Stasaitis and Analyst Michael DiCosimo.
“580 Corporate Center was a unique transaction that included creative office, front- and rear-load and light industrial buildings,” McEwan said. “As tenant demand for creative office and light industrial continues to penetrate markets within Florida, JLL is uniquely qualified to reach investors who realize the true value of these assets. We were very pleased to be able to demonstrate our expansive market reach to maximize value for our client.”