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Hillsborough County Enters Race for 1M-Sq.-Ft. Amazon Facility

25 Jun 2013, 7:46 pm

By Georgiana Mihaila, Associate Editor

Amazon’s plan of expanding in Florida—and of adding 3,000 permanent jobs in the process—might bring an assembly and distribution center to Hillsborough County.

According to a recent announcement made by Gov. Rick Scott, the online retail giant has already signed a deal that calls for a $300 million investment in the state of Florida, but did not disclose the exact location.

Nevertheless, Hillsborough County officials said that Amazon is looking into the possibility of developing a 1 million-square-foot facility in the South Shore Corporate Park located at Interstate 75 and State Rd 674.

While Amazon has not made any official announcement, nor has it hinted at a specific date when it will make its decision, the company qualifies for an incentive package. While the property tax break is reportedly worth approximately $910,000 a year for the following seven years, commissioners will vote on that during their July 17 meeting, reports The Tampa Tribune.

Amazon’s presence on the Florida market could bring many jobs and an investment of up to $200 million, but it would also mean that its Florida customers will have to start paying taxes on their Internet purchases. Current regulation states that the collection of sale taxes following online purchase is only possible if a company has a physical presence in a state.

Wells Fargo Center Welcomes New Tenants, Renews Existing Leases

31 May 2013, 9:51 pm

By Georgiana Mihaila, Associate EditorWells Fargo Center Tampa

The millions of dollars spent on modernizing Wells Fargo Center in downtown Tampa seem to be paying off as the tower has attracted two new tenants, as well as renewed two existing leases.

One of the nation’s largest law firms, Jackson Lewis LLP, will soon be moving into the tower, after having signed a 6,277 –square-foot lease. The firm, who opened its first Tampa office earlier this year in temporary office space in the Westshore Business District will soon be relocating to the 22-story building. Co-brokers Brian Wyatt and Ryan Reynolds of Cassidy Turley represented Jackson Lewis in the transaction.

First Florida Insurance Brokers—a subsidiary of Lake Mary-based First Florida Insurance Brokers—will also be relocating to Wells Fargo Center after signing a lease for a lease for 3,100 square feet. Represented by David Culligan and Jon Slater of Studley Inc. the firm is relocating from offices in Channelside.

While USAA Realty has not only signed a renewal, but also a 1,776-square-foot lease extension, Gator Capital has also signed on to remain a tenant of the 388,000 -square-foot Wells Fargo Center.

Located near the Tampa Convention Center in downtown Tampa, the 22-story, 388,000 square foot Wells Fargo Center is one of Tampa’s premier Class A office buildings with unobstructed views of Hillsborough Bay, the Hillsborough River and the Downtown Tampa skyline.  Anchored by Wells Fargo & Company, Phelps Dunbar and UBS, the LEED Gold-certified Wells Fargo Center is currently 78 percent leased.

Owners Feldman Equities, Inc. and Tower Realty Partners—which purchased the building back in January for $44.8 million—have recently completed a multi-million dollar renovation involving the modernizing of the building systems and telecommunications infrastructure. Renovations to the multi-tenant corridors, currently half way through, include new lighting, new carpeting, and bathroom upgrades.  Ownership is also proceeding with extensive upgrades to the building’s leasing amenities including a new restaurant, a high-end fitness center as well as a major upgrade to the parking building’s parking garage.  These improvements will begin this summer and will be completed by year end.

Redwood Capital Group Grabs Largo Multifamily Complex for $17M

18 May 2013, 1:59 am

By Georgiana Mihaila, Associate Editor

Redwood Capital Group has recently added 304 units to its growing multifamily portfolio with the purchase of a 304-unit multifamily complex in the central Pinellas County city of Largo.

Jamie B. May with Institutional Property Advisors—the multifamily brokerage division of Marcus & Millichap—mediated the Landmark at Largo Crossing deal on behalf of the owner, a joint venture between Landmark Residential and Brookfield Real Estate Opportunity Fund. Buyer Redwood Capital Group paid $16,750,000 for the property, or $55,000 per unit.

“Landmark at Largo Crossing is a recently renovated asset that was offered free and clear of debt,” says May. “The new owner is well positioned to reap the benefits provided by the area’s resurgent job market, promising demographic trends and changing housing preferences.”

Located at 305 Glades Circle on the north side of Ulmerton Road in Largo, the property is part of a vibrant commercial corridor featuring office parks, shopping plazas and restaurants. Built in 1974 on approximately 10.7 acres, Landmark at Largo Crossing was renovated in 2011. Composed of 28 two-story concrete buildings with stucco exteriors and pitched asphalt shingle roofs, the community consists of 144 one-bedroom units, 128 two-bedroom apartments and 32 three-bedroom units.

Amenities include a resort-style pool with cabanas and a large brick paver sundeck, a newly constructed fitness center building, a multi-use sport court, a large laundry center, a car care center, an enclosed dog park and a spacious picnic and barbecue area.

Image via Landmark at Largo Crossing’s Facebook Page


Looking to Expand, MIG Real Estate Buys Hilton Garden Inn

25 Apr 2013, 4:25 pm

By Georgiana Mihaila, Associate Editor

MIG Real Estate closed on its fourth Florida hotel, adding the Hilton Garden Inn Tampa East/Brandon to its 11-property hotel portfolio.

The Newport Beach, Calif.-based firm is currently pursuing an aggressive expansion strategy, seeking core-plus, value-add and opportunistic investments in select-service hotels, grocery-anchored shopping centers, and office, industrial and multi-family properties.

“We are pleased to add the first Hilton Garden Inn to our hotel portfolio, furthering our relationship with the Hilton family of brands,” said Greg Merage, CEO of MIG Real Estate. “This is a very high-quality product featuring an outstanding location in a mature business park with direct accessibility to other nearby East Tampa employers, amenities and attractions.”

Built in 2002, the Hilton Garden Inn sits on a 3.53-acre property at 10309 Highland Manor Drive and consists of 152 guestrooms. The property features approximately 4,500-square feet of flexible indoor and outdoor meeting space, outdoor swimming pool, exercise room, business center, restaurant and guest laundry.

The location places the Hilton Garden Inn within the Highland Oaks business park, adjacent to an Interstate 75 off-ramp and approximately 18 miles east of the Tampa International Airport. Nearby attractions include Florida State Fairgrounds, 1-800-Ask Gary Amphitheatre, the Bob Thomas Equestrian Center and the Seminole Hard Rock Hotel & Casino, all within three miles of the hotel.

Hodges Ward Elliot represented the seller in the transaction and MIG Real Estate represented itself. The property is being operated by Raleigh-based Concord Hospitality Enterprises. The financial details of the transaction have been disclosed.

Image: Hilton Garden Inn Official Website

Phillips Edison Purchases 2 Shopping Centers in Tampa Bay Metro Area

11 Apr 2013, 9:59 pm

By Georgiana Mihaila, Associate Editor

Phillips Edison-ARC Shopping Center REIT has shown a great deal of interest in metro Tampa properties this past week. It recently purchased two Publix-anchored grocery stores in the area.

The two new properties—Lutz Lake Crossing and Publix at Seven Hills—have brought the company’s portfolio to a total of 39 properties, with a portfolio aggregate purchase price of approximately $486.3 million. The company did not disclose the price of the recently-acquired properties.

Lutz Lake Crossing is a 64,986-square-foot shopping center located in Lutz, Fla., approximately 15 miles north of Tampa. The shopping center is anchored by a Publix grocery store, the No. 1 traditional grocer in the Tampa area by market share and is currently 86 percent occupied.

The other shopping center, Publix at Seven Hills, is a 72,590-square-foot shopping center located in Spring Hill, Fla. Anchored by a Publix store, the retail center is currently 91 percent leased.

Lutz Lake Crossing was not the sole Lutz retail property to trade these past days. Van Dyke Commons, a 139,347-square-foot retail center located at the intersection of Van Dyke Road and North Dale Mabry Highway, exchanged hands in a $30 million deal.

Buyer Prestige Properties & Development purchased the unencumbered property from seller iStar Financial Inc., which was represented in the transaction by Holliday Fenoglio Fowler’s Senior Managing Director Brad Peterson and Director Analyst Kim Flores.

 “Van Dyke Commons was highly sought after by investors because it was located in a primarily institutionally-owned submarket. The population growth and income demographics in the surrounding area significantly outpace the Tampa metro-wide averages. However, what really captivated investors was the strong performance by each of the anchors, shop occupancy, retention rate and the huge volume of daily traffic to the property driven by LA Fitness,” commented Peterson.

Van Dyke Commons, located 15 miles northwest of downtown Tampa, is anchored by LA Fitness, HomeGoods, and GolfSmith. Built in 2007, the 100 percent-occupied retail center also includes a 0.88-acre undeveloped land parcel.

Image via Van Dyke Commons property brochure


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