Former outlet mall sells for $27.5M

TAMPA — An affiliate of investment firm B&L Investments LLC purchased the 344,896-square-foot Interstate Corporate Center for $27.5 million.

The price equated to $80 per square foot. That figure is less than the two-year average price per square foot for office space ($118) in the Tampa Bay area, according to the CoStar Group.

Located on a 30.7-acre site on Dr. Martin Luther King Jr. Boulevard near the Interstate 4, the single-story, 30-year-old building is a converted former outlet mall with four building wings. It was 80% occupied at the time of the sale. The building's tenants include Stream International Inc. and the state of Florida.