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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.

Location

West Bay & Metropointe

Tampa, FL

Industrial | Realized

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