NetPark Tampa Bay Update 07/09/24

CBRE Facilitates Sale of Tampa’s Largest Office Building, Marking the Biggest Office Property Sold in Southeast U.S. Since 2022

 

Saxum Real Estate Partners Acquire First Office Property in Tampa

 

CBRE has arranged the sale of NetPark Tampa Bay, a 947,176 sq.-ft., two-story office complex located at 5701 E. Hillsborough Avenue in Tampa, Florida. The property is the largest office asset in the Tampa Bay market and the sale marks the largest office property sold in the Southeast since 2022.

 

Dale PetersonJoe Chick and Courtney Snell with CBRE Capital Markets represented the seller, Bluett Capital Realty, Inc., and their tenants-in-common ownership group in the transaction. Saxum Real Estate Partners, a New Jersey-based private real estate investment company, purchased the property – marking their first acquisition in Tampa.

 

“NetPark is a tremendous place to work with a campus and amenity set that differentiates itself amongst its competition. Saxum is excited to enter the Tampa market with scale,” said Saxum Vice President of Acquisitions Ian Kukowski.

 

NetPark Tampa Bay sits on a 98.71-acre site in the East Tampa/Interstate 75 Corridor submarket. The building features a first-class arrangement of on-site amenities, notably its fitness facility, dining hall, conference center and auditorium, on-site day care facility, and a HART bus transfer station. The property was 60% occupied at the time of sale by a diverse tenant roster featuring a variety of public and private sector firms ranging from 1,250 square feet to just under 150,000 square feet.

 

“Investors were drawn to NetPark due to its highly amenitized technology-focused office space that caters to a diverse tenancy, including Tampa’s growing presence of shared service operation centers,” said CBRE Senior Vice President Dale Peterson.

 

The property, formerly known as East Lake Square Mall, was Tampa’s original regional mall located in East Tampa when developed in 1976. NetPark is located at the confluence of Tampa Bay’s main transportation arteries, providing tenants nearby access to Interstate 75, Interstate 4, U.S. Highway 301 and Interstate 275.

 

About Bluett Capital Realty, Inc.
Bluett & Associates is known for solving complex issues and turning assets quickly in optimizing real estate assets for landlords, tenants and investors across the U.S. The fully integrated commercial real estate services firm welcomes new clients in need of equity, loans, repositioning, brokerage, roll-ups, or any other aspect of commercial real estate solutions, in all product types. Core services include asset repositioning and management, leasing and sale transactions, and development and construction services. Based in Sacramento, Calif., Bluett & Associates has offices in New York City, Chicago, Dallas, Fort Lauderdale, Denver, Orange County, Calif. Portland, Ore, Bellevue, Wash., Tampa, Fla. and Milwaukee, Wis. For information visit www.bluettjuno.com

 

About Saxum Real Estate
Saxum Real Estate is a national vertically integrated real estate investment and development firm. Saxum’s portfolio includes a variety of asset classes with capitalizations surpassing $2.5 billion with over 2.0MM SF of cold storage, 1.4MM SF of industrial, 1,400 multifamily rental units, 4,000 student housing beds, and over 1MM SF of other assets. Its development pipeline totals well over $1 billion in capitalization across cold storage, industrial, and multifamily investments ranging from value-add to ground-up development. www.saxumre.com

 

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2023 revenue). The company has more than 130,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.

 

 

 

Photo: NetPark Tampa Bay

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