Interstate Business Park

Acquired in April 2021, Interstate Business Park is a seven building, 121,918-square-foot suburban office park located in the dynamic I-75 Corridor submarket of Tampa. The property features five two-story buildings and two one-story buildings on approximately 12.5 acres with an above market surface parking ratio of approximately 4.3 spaces per 1,000 SF. There are a few buildings that contain a small portion of warehouse space (less than 5,000 square feet) with roll-up doors.

Interstate Business Park provides immediate access to U.S. Highway 301 and is conveniently located next to several of Tampa’s major transportation arteries including Interstate 4, Interstate 75, and the Selmon Expressway. Its centralized, commuter-friendly location services the entire Tampa MSA with 3.1 million people within a 45-minute drive.

At the time of acquisition, the property was 73% occupied by 22 tenants. In-place contractual rental rates were approximately 12% below market with most lease expirations occuring between 2023 and 2026. Westmount identified the opportunity to lease up the property and capitalize on the rising demand for infill, low-rise office buildings with flexible space availabilities.

Interstate Business Park offered Westmount an exceptional opportunity to reenter the Tampa market and acquire an exceptionally located flexible office park. Westmount plans to carry out additional renovation work to renew the building exteriors, install new signage, enhance landscaping, and build out make-ready suites to lease up the properties and improve the occupancy.

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