214,000-square-foot Tampa industrial building sells for $22.95 million

A 214,806-square-foot industrial building not far from Tampa International Airport has sold for $22.95 million.

The buyer of 4908 Tampa West is the Boca Raton real estate investment firm IP Capital Partners. The property was previously owned by a Miami LLC, which paid $12 million for it in 2019.

According to Cushman & Wakefield, which brokered the sale and helped obtain $15.1 million in acquisition financing for IP Capital, the property has 5 acres of additional land where a second, 100,000-square-foot building could go.

While the property is currently fully leased to CAE USA, the brokerage says because of its location in the airport submarket, which sees strong tenant demand and low vacancy rates, it is well positioned for future growth. The brokerage also says it will soon be “one of only five buildings in the submarket with more that 30-foot clear heights through the removal of a portion of existing mezzanine space.”

It was not immediately clear whether CAE, a technology company that provides training to global defense and security clients, will stay.

Jason Hochman, the executive director at Cushman & Wakefield, says in a statement announcing the deal that there were several lenders who expressed interest in the project “given the strong value-add opportunity and more so, an experienced sponsor who can maximize the property’s value.”

The parties decided on the undisclosed lender because it could lock in a low rate and provide funding for future improvements, he says.

IP Capital was formed in 2012. According to its website totals it has 10 million square feet of assets under management totaling about $2 billion.