Three suburban Tampa business parks change hands in separate deals
Westmount Realty Capital has acquired Interstate Park in Tampa

By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: May 6, 2021

Three business parks in the Tampa suburbs — two of them flex properties with a mix of office and light industrial space — have been sold to new owners.

The transactions come as some industry observers predict more interest in low-density office parks in the wake of the novel coronavirus pandemic. Flex parks typically have few common indoor spaces and individual entrances to limit exposure to other tenants.

Here's a breakdown of the deals:

Interstate Business Park: Dallas-based Westmount Realty Capital has acquired the 12.5-acre, seven-building Interstate Business Park in East Tampa. Hillsborough County records show Westmount paid $11.385 million for the property; McREIF SubREIT LLC provided a $10.7 million mortgage.

It is Westmount's first Florida acquisition. The park totals just under 122,000 square feet.

“Interstate Business Park is a rare, value-add investment opportunity that is well-positioned to thrive in the post-Covid office world,” Nick Sands, Westmount’s Florida industrial market leader, said in a statement. “With five, two-story buildings and two, one-story buildings, the property is able to accommodate a diverse grouping of tenants focused on well-located, low-rise suburban office buildings with flexible space availabilities.”

Westmount said in a news release that the park is 73 percent occupied with more than 32,000 square feet of vacancy. Tenants include Kisinger Campo & Associates, Cohen Veterans Network, Ferguson Enterprises, Flatwoods Consulting Group, Nova Engineering and Environmental and the Florida Department of Agriculture. Most current leases expire between 2023 and 2026.

Paul Carr and Todd Tolbert of Colliers represented the seller, an affiliate of Cardinal Point Management LLC, in the transaction, and Don Jennewein and Nathan Lynch of Colliers provided the debt financing to Westmount.

First Park at Brandon: Nashville-based Priam Properties paid $15.8 million for this 130,000-square-foot flex park at the corner of Causeway Boulevard and Falkenburg Road. Priam also owns The Collection, a 431,411-square-foot office park in Brandon at 9950 Princess Palm Avenue.

Sabal Park Plaza: This two-building, 44,071-square-foot portfolio sold for $4.65 million. Thomas Hernandez of Ciminelli Real Estate Services of Florida LLC represented the seller, BDSTG LLC, in the transaction. Gerald Crum of Real Estate Advisory Corp. represented the buyer, Mac Properties LLC.