(Save the date: RealShare Industrial 2012 comes to The Bankers Club, Miami, December 5 - 6.)
TAMPA, FL—Monument Leasing Co. just sold a 25,800-square-foot warehouse for $1.065 million. The sales price equals $41.28 per square foot on the industrial asset. Considering the state of the market and the condition of the building, industry watchers say this deal shows a strengthening of pricing for industrial properties in Tampa.
Colliers International Tampa Bay’s Jan Boltres represented Monument in the sale. John Anderson of European Equities represented the buyer, 7902 Anderson Road Crossings, LLC. The buyer plans to occupy the building after making significant renovations.
“While industrial sale pricing in the area has been all over the board, the pricing of this sale at $41 per square foot could be considered a market deal,” Boltres tells GlobeSt.com. “However, the substantial deferred maintenance and repairs needed to this building place this price high among recent metal building sales within the Tampa Bay market.”
Boltres notes that activity in the industrial market remained strong from January to June, with activity dropping off in July. Since then, he’s witnessed the industrial market strengthening again. He says this sale closed at a strong price compared to several recent sales for buildings of similar condition.
The building, located in a prominently industrial area at 7902 Anderson Road in Tampa, was built in 1981. Boltres says the pricing in this submarket recently has been unpredictable despite what he would call pent up demand.
“I really don’t see much growth,” Boltres says. “The market has been contracting for nearly four years and we are just now—in the last three quarters—seeing some stabilization but very limited growth. We are seeing a very limited increase in some construction related industries returning to the market, which is a possible bright spot.”
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