California investors add Tampa business park to portfolio
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Sep 1, 2023

A California investment group has picked up its third Tampa property in less than a year — a business park near Tampa International Airport.

CIP Real Estate paid $27.25 million for the 180,367-square-foot Sunstate Park, which has both flex and industrial space. The seller, a joint venture of Belay Investment Group and Birtcher Anderson and Davis, paid $17.1 million for the property in early 2021.

The park can accommodate 32 tenants.

A team from Colliers Tampa Bay, including Southeastern capital markets brokers Ryan Vaught, Jimmy Ullrich, Michael Macchia and Riley Vaught and Tampa leasing brokers Robyn Hurrell, Oliver Vaubois and Harrison Pithers represented the partnership in the sale. Jason Hochman, Ron Granite and Sean Campbell of Cushman & Wakefield Inc. sourced the acquisition financing for the transaction.

Colliers sold it to a joint venture of Belay Investment Group and Birtcher Anderson and Davis in 2021.

CIP said in a release that it will invest $2 million “to improve interior suites and enhance the exterior appearance to bring the park to best-in-class status.”

“We are very pleased to have the opportunity with Sunstate Park to add to CIP Real Estate’s industrial portfolio in Tampa, a strategic market for us given its growth dynamics and the very limited supply of small and mid-bay industrial park product in the airport area,” Scott Flemer, COO of CIP Real Estate, said in a statement.