High Street Realty buys Tampa Distribution Center

BUYER: GP Warehouse Investment Propco Three LLC (HS/GP Warehouse Investment Co. LLC), Philadelphia
SELLER: Metropolitan Life Insurance Co.
PROPERTY: 1212 N. 50th St. and 4528 Transport Drive, Tampa
PRICE: $43.38 million
PREVIOUS PRICE: $7.2 million, May 1985 and $5.15 million, January 1974
LAW FIRM ON DEED: Barack Ferrazzano Kirschbaum & Nagelberg LLP, Chicago

PLANS, DESCRIPTION:
Boston-based real estate investment firm High Street Realty Co. LLC purchased the 955,000-square-foot Tampa Distribution Center from MetLife Real Estate Investors for $43.38 million.

The price equated to $45 per square foot.

Built in 1973, the facility contains six distribution buildings on a 53.8-acre parcel. Mike Davis, Rick Brugge and Michael Lerner of Cushman & Wakefield represented the seller.

Cushman & Wakefield Research reports that this sale is the largest single-site industrial transaction, by square footage, in the Tampa market since January 2010.