West Bay & Metropointe is a five-building, multi-tenant warehouse portfolio representing 230,000 SF. Located in Tampa, Florida, the average occupancy was 71.5 percent at acquisition in Q4 2018. The buildings have tremendous access to I-275 which enables this infill product to serve both Pinellas and Hillsborough (Tampa) counties. The buildings had been poorly managed during prior ownership and therefore presented the opportunity to reposition in the marketplace. Repositioning involved substantial exterior improvements, lowering the percentage of office finish, leasing up vacancy, and increasing rents to market rates as leases roll.
West Bay & Metropointe
Industrial | Realized
Tampa, FL
Asset Summary |
|
|---|---|
| Acquisition Date | Q4 2018 |
| Size | 230,000 SQ FT |
| Property Type | Industrial |
| Deal Profile | Fund III, Acquisition |
| Investment Profile | Value-Add |
| Deal Source | Off Market |
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