The seller, Lakewood, CO-based Alliance Commercial Properties LLC, had owned the 134,000-square-foot property since December 1999, paying $12 million, according to Hillsborough County property records. The buildings opened in the late 1980s.
Marcus & Millichap Real Estate Investment Services was on both sides of the deal, with Doug Mandel, associate vice president-investments with the Fort Lauderdale office, representing the seller and Nathan Wood, associate director in its Jacksonville office, serving on Lepanto's behalf.
"The buyer was attracted to the Telecom Technology Center because it was fully occupied with stabilized rent rollover," Mandel tells GlobeSt.com. "The Telecom Technology Center is an excellent long-term investment that will also provide solid double-digit returns in the short term."
Located at 12911-13051 Telecom Way, the Telecom Technology Center consists of three single-story buildings with multiple tenants. The center includes surface parking for at least 500 vehicles.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
