Marcus & Millichap Arranges $1.4 Million Sale of 21,730-SF Tower Lake Center Industrial Building in Oldsmar, FL

Jaclyn Blair

 OLDSMAR, FL– Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Tower Lake Center, a 21,730-square foot industrial property located in Oldsmar, Fla., according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $1,400,000.

Tower Lake Center, 107 Dunbar Avenue
Oldsmar, FL

Jaclyn Blair, an investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.  The buyer, a limited liability company, was also secured and represented by Blair.

Tower Lake Center is located at 107 Dunbar Ave in Oldsmar, Fla. The property has a history of long-term tenants and high occupancy. The location is central to major metro markets in the greater Tampa Bay area and the immediate area has below market vacancy rates.

Ari Ravi

 The property has been self-managed and self-leased. The pro forma cap rate is nearing nine percent by increasing below market rents. 
            

The build out for each suite varies and the overall office build-out is less than 30 percent which requires very little tenant improvement when tenants do rollover. 

An association further reduces the management requirements and the property could continue to be self-managed with little effort.

CONTACT: Whitney Davis
Marketing Coordinator
Marcus & Millichap 201 North Franklin St. Suite 1100 Tampa, FL 33602 (813) 387-4700 main (813) 387-4743 direct (813) 387-4710 fax whitney.davis@marcusmillichap.com

www.MarcusMillichap.com.