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Franklin Property buys Verizon 56th Street building

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  • | 8:00 p.m. October 30, 2009
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BUYER: 10402 North 56th Street LLC (principal: David Franklin), Tampa
SELLER: Verizon Florida LLC
PROPERTY: 10402 N. 56th St., Temple Terrace
PRICE: $2.6 million
PREVIOUS PRICE: $31,500, January 1970
LAW FIRM ON DEED: Holland & Knight LLP, Tampa

PLANS, DESCRIPTION: Franklin Property & Development Group LLC purchased a 57,347-square-foot, two-story office building at the northwest corner of 56th Street and Serena Drive for $2.6 million. The purchase price equated to $45 per square foot.

The former owner, telecommunications company Verizon, has signed a short-term lease on the property.

“I've heard that they're consolidating into other facilities,” says David Franklin, manager of Franklin Property & Development Group. “So its our intent to lease the building. It's a beautiful property right in the heart of Temple Terrace close to the University of South Florida and [the H. Lee Moffitt Cancer Center & Research Institute]. Temple Terrace has building regulations so there will never be anything else built again like this in the city.”

The building occupies 7.66 acres and features 300 parking spaces.

Franklin plans to have the Davis Team of Cushman and Wakefield Inc. market the property.

The purchase entity 10402 North 56th Street LLC mortgaged the property to Valrico State Bank for $2.08 million.


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