Colliers brokers sale of Sunstate Park for $27.25 million

CIP Real Estate has purchased Sunstate Park, a 180,367-square-foot fully leased flex/industrial park in Tampa, for $27.25 million. The eight-building property is located on W Waters Avenue and Sunstate Street, 2 miles from Tampa International Airport. The acquisition is CIP Real Estate’s third acquisition in Tampa in less than a year.

Ryan Vaught, Jimmy Ullrich and Michael Macchia of Colliers represented the seller, Birtcher Anderson & Davis.

“We’re seeing a lot of investors chasing light industrial assets in submarkets in thriving metropolitan areas like Tampa,” said Vaught, Executive Vice President of Colliers. “While the capital markets are challenging right now, our combined team of experts was able to provide the buyer with the tangible information to make this a successful transaction.”

The Colliers team previously sold Sunstate Park to Birtcher Anderson & Davis in 2021 for $17.1 million. At the time of the sale, the property was 91.1% leased. The national commercial property investor retained Robyn Hurrell, Oliver de la Croix-Vaubois and Harrison Pithers, also of Colliers, to manage leasing for the property and achieve 100% occupancy before bringing it to market.

“This deal speaks to the overall capabilities of our industrial team,” said Ullrich, Executive Vice President of Colliers. “Our Southeast Industrial Capital Markets Team and Central Florida Leasing Team worked with both the buyer and seller to broker a deal that was beneficial for both parties.”

CIP Real Estate plans to invest more than $2 million in the property to improve interior suites and enhance the exterior appearance. The full-service real estate company entered the Florida market in November 2022 with the purchase of two business parks in East Tampa – Center Point Business Park and Hampton Oaks Business Park – for $74.5 million. The company currently owns more than 585,000 square feet of industrial space in Tampa.

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