Central Florida Sees Historic Industrial Sale

Cushman & Wakefield’s Mike Davis

ORLANDO—3350 Laurel Ridge Avenue just traded hands. The 1 million square foot regional distribution center is in suburban Tampa. Financial terms of the deal were not disclosed. According to Cushman & Wakefield research, the transaction was the largest industrial sale in Tampa history in terms of both size and value. CushWake executive director Mike Davis , senior director Rick Brugge , and senior director Michael Lerner represented the seller, USAA Real Estate Company .  Cole Office & Industrial REIT (CCIT II),  a non-listed REIT sponsored by Cole Capital, acquired the asset. “The property ideally suits the current tenant’s needs, but its flexible, state-of-the-art design can easily accommodate future tenants of 100,000 square feet and up,” Davis tells GlobeSt.com. 3350 Laurel Ridge Avenue is located in Tampa’s Interstate 75 Corridor submarket , offering access to Florida’s second-largest city and a logistical advantage over competing properties that lack immediate access to Interstate 75. “The property’s state-of-the-art features, outstanding location and limited competition made this an exceptional investment opportunity,” says Davis. “We believe that it truly is the highest-quality industrial building in Central Florida.” 3350 Laurel Ridge Avenue came online in 2014 and is 100% leased to an internationally-recognized Fortune 50 eRetailer. It is LEED Silver Certified and offers modern features such as 40-foot clear heights, a 200-foot truck court, 92 rear-load doors, 54-foot by 50-foot column spacing, an ESFR sprinkler system and generous trailer parking.