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West Bay Metropointe building exterior.

The 230,000 SF, five-building multi-tenant portfolio of industrial buildings was 71.5 percent leased at acquisition in Q4 of 2018. The assets had been poorly managed during prior ownership and therefore presented the opportunity to reposition in the marketplace. Substantial interior and exterior improvements have been completed. The assets have tremendous access to I-275 which enables this infill product to serve both Pinellas and Hillsborough (Tampa) counties. The business plan calls for lowering the percentage of office finish, leasing up vacancy and increasing rents to market rates as current leases roll.

Location

West Bay & Metropointe

Tampa, FL

Industrial | Unrealized

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