CIP Real Estate has acquired two business parks in East Tampa, totaling 405,772-square-feet of small- and mid-bay industrial space. The $74.34 million off-market deal marks the company's first purchase in Florida.
Both industrial flex parks are fully occupied and located near U.S. Route 301. Center Point Business Park comprises five buildings and 146,229 square feet. Three miles north, Hampton Oaks Business Park consists of six buildings totaling 259,543 square feet.
The industrial properties feature 37 dock high, 58 grade level and 22 ramp loading entrances. CIP expects to invest $6.3 million in upgrades to the facilities over the next three years.
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The seller, Albany Road Real Estate Partners, offered the portfolio off market through Rick Brugge of Cushman & Wakefield. Financing is being provided by BankUnited and arranged by Cushman & Wakefield's debt team of Jason Hochman and Ron Granite.
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