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Business Observer Friday, Jan. 5, 2018 3 years ago

Cushman team sells pair of Pasco County area industrial projects

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Cushman & Wakefield's Tampa-based capital markets team closed a pair of Pasco County-area industrial deals in the waning days of 2017 for a combined $69 million.
by: Kevin McQuaid Commercial Real Estate Editor

Cushman & Wakefield's Tampa-based capital markets team closed a pair of Pasco County-area industrial deals in the waning days of 2017 for a combined $69 million.

A joint venture between Birtcher Anderson and JCR Capital acquired Tri-County Business Park, at the convergence of Pasco, Hillsborough and Pinellas counties, for $40.4 million.

Compark 75, in Lutz, sold for $28.5 million to MDH Atlantic Acquisitions LLC, of Atlanta, according to Pasco County records.

In both transactions, commercial real estate brokerage firm Cushman & Wakefield's Tampa-based capital markets team, Executive Director Rick Brugge, Vice Chairman Mike Davis and Executive Director Michael Lerner, represented the seller.

Tri-County, a 676,735-square-foot park consisting of 20 buildings on 76.5 acres, had been owned by True North Management Group. Compark 75, which was owned prior to sale by HR Pasco LLP, contains five buildings totaling 285,615 square feet that were built beginning in 2007.

Tri-County, which was 75% at the time of the sale, is occupied by Leader Tech, Seven Seas Water Corp. and Clextral Inc., among others. Compark 75's tenants include the U.S. General Services Administration, Ortho Technology, Oscor, Morgan Auto Group and Streetside Classics, among others. The park was 91% occupied at the time of the sale.

Brugge says Compark benefits from being one of the few Class A business parks in a growing area roughly 20 miles north of Tampa.

“There's very little quality product of this type in Pasco County, and the market fundamentals there are strong,” he says. “And there's also a limited amount of land available for industrial development.”

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