Marcus & Millichap Sells Telecom Technology Center in Florida for $10.9M

TEMPLE TERRACE, FL, Sept. 3, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of the 133,919 square-foot Telecom Technology Center (centered photo below) in Temple Terrace in a 1031 exchange.

The Telecom Technology Center sold for $10.9 million and traded at a cap rate of 10.65 percent.

Douglas K. Mandel, (bottom right photo) an associate vice president investments in the Fort Lauderdale office of Marcus & Millichap, represented the seller, FOA Tampa LLC.

Nathan Wood, an associate director of the National Office and Industrial Properties Group in the firm’s Jacksonville office, represented the buyer, Lepanto Realty Corp.

“Working with the Jacksonville office, Marcus & Millichap was able to procure an all-cash 1031 exchange investor from suburban Boston,” explains Mandel. “The buyer was attracted to the Telecom Technology Center because it was fully occupied with stabilized rent rollover.”

“The Telecom Technology Center is an excellent long-term investment that will also provide solid double-digit returns in the short term,” he adds.

Located at 12911-13051 Telecom Way, the Telecom Technology Center is a three-building, single-story office park located within the growing city of Temple Terrace, a northeastern suburb of Tampa. The multi-tenant asset also includes 553 surface parking spaces.

Press Contact: Stacey Corso, Communications Department, (925) 953-1716