Center Point and Hampton Oaks Business Parks Update 11/10/22

CIP Real Estate Enters Florida Market With $74+ Million Acquisition

 

 

CIP Real Estate has acquired two business parks in East Tampa, totaling 405,772-square-feet of small- and mid-bay industrial space. The $74.34 million off-market deal marks the Company’s first purchase in Florida.

 

Both industrial flex parks are fully occupied and conveniently located adjacent to U.S. Route 301. Center Point Business Park comprises five buildings and 146,229 square feet. Three miles north, Hampton Oaks Business Park consists of six buildings totaling 259,543 square feet. Notably, the Hampton property has access to Tampa’s primary fiber loop “backbone,” making it an ideal space for telecom and data center operators who require high-speed, low-latency internet connections.

 

The industrial properties feature 37 dock high, 58 grade level and 22 ramp loading entrances. CIP expects to invest $6.3 million in upgrades to the facilities over the next three years.

 

“Tampa is a very desirable market, and land parcels for this product type and size of park are becoming increasingly rare, due in part to lack of available land and local industrial zoning restrictions,” said Eric Smyth, CEO. “CIP Real Estate is pleased to be entering the Florida industrial market with these ‘best in class’ industrial assets, and we look forward to continuing to grow our presence in Tampa.”

 

The seller, Albany Road Real Estate Partners, offered the portfolio off market through Rick Brugge of Cushman & Wakefield. Financing is being provided by BankUnited and arranged by Cushman & Wakefield’s debt team of Jason Hochman and Ron Granite.

Photo: Albany Road Real Estate Partners

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