Interstate Business Park sells for $4.9 million

BUYER: Tampa IBP LLC (principals: Rufus Williams IV and Gregory Williams), Tampa

SELLER: IBP Tampa LLC

PROPERTY: 4508 Oak Fair Blvd., Tampa

PRICE: $4.9 million

PREVIOUS PRICE: $9.5 million, October 2005

LAW FIRM ON DEED: Holland & Knight LLP, Tampa

PLANS, DESCRIPTION: Tampa-based Cardinal Point Management LLC purchased the seven-building Interstate Business Park for $4.9 million.

The price equated to $41 per square foot.

The 119,000 square feet of rentable space in the park was 62% occupied at the time of the sale.

The development houses several state departments and the Children's Home Society of Florida, a nonprofit that provides social services to children and families.

“We were attracted to it based on the tenants that were already in place,” says Gregory Williams of Cardinal Point Management. “We also liked that it was at a discount to replacement cost with in-place income. It's [also] near [Interstate 4], I-75 and U.S. 301.”

The new owners plan to improve the property's roofs, landscaping and HVAC system.

“We saw there was significant upside through leasing and capital improvements,” Williams says. “Our [purchase] basis is so low we can afford to be aggressive [in leasing].”

The purchase entity Tampa IBP LLC mortgaged the property to USAmeriBank for $4.5 million.