Three suburban Tampa business parks change hands in separate deals

Three business parks in the Tampa suburbs — two of them flex properties with a mix of office and light industrial space — have been sold to new owners. 

The transactions come as some industry observers predict more interest in low-density office parks in the wake of the novel coronavirus pandemic. Flex parks typically have few common indoor spaces and individual entrances to limit exposure to other tenants. 

Here’s a breakdown of the deals: 

Interstate Business Park: Dallas-based Westmount Realty Capital has acquired the 12.5-acre, seven-building Interstate Business Park in East Tampa. Hillsborough County records show Westmount paid $11.385 million for the property; McREIF SubREIT LLC provided a $10.7 million mortgage. 

It is Westmount’s first Florida acquisition. The park totals just under 122,000 square feet. 

“Interstate Business Park is a rare, value-add investment opportunity that is well-positioned to thrive in the post-Covid office world,” Nick Sands, Westmount’s Florida industrial market leader, said in a statement. “With five, two-story buildings and two, one-story buildings, the property is able to accommodate a diverse grouping of tenants focused on well-located, low-rise suburban office buildings with flexible space availabilities.” 

 

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