The price is below replacement cost for the 28-year-old, 223,000 sf property which is 88% leased, area brokers familiar with the submarket tell GlobeSt.com. The national Parts Depot chain anchors the park and occupies 50% of the property.
Brad Luger and Larry Randolph in the Tampa office of Advantis Real Estate Services Co./GVA represented the seller.
While older, well-maintained, strongly leased warehouses acquired for below replacement cost remain a good investment in Central Florida, industry analysts such as George D. Livingston Jr. of Realvest Partners Inc., Maitland, FL, contend newer product shortly will leave pre-1970 structures behind in the race to capture national clients.
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