Transwestern Team Arranges Sale of Office-Industrial Property Previously in Foreclosure
Alabama-based Ameribuilt Properties Riverview buys two office-industrial buildings off Interstate 75 in unincorporated Hillsborough County.
September 18, 2018 at 12:45 PM
3 minute read
Left to right: Transwestern capital markets managing director John Bell and industrial services senior managing director Walter Byrd.
A Transwestern duo in Miami closed the $14.7 million sale of an office-industrial property near Tampa that went into foreclosure about five years ago.
Special servicer LNR Partners LLC sold the two buildings at 2600 and 2700 Falkenburg Road in the Riverview area of unincorporated Hillsborough County to Phenix City, Alabama-based Ameribuilt Properties Riverview LLC, according to the county property records and state Division of Corporations.
Transwestern capital markets managing director John Bell and industrial services senior managing director Walter Byrd represented LNR Partners.
Bell and Byrd used the Ten-X online real estate sales platform to close the deal Aug. 29.
The property was part of a larger portfolio that was taken back by the lender and went into special servicing, Bell said.
“The property went into special servicing because of factors involving an overall portfolio of properties spread throughout the U.S.,” Bell said.
The assets were sold in 2012 in a court proceeding to GCCFC 2005 GG5 Faulkenburg Industrial LLC, which is registered to LNR, according to the county property appraiser's office.
The sellers were Riverview NI Industrial LLC, the Hillsborough County Clerk and FirstPark at Brandon Business Center Owners Association Inc.
Riverview NI is registered to New York-based real estate construction, leasing and management company Milvado Property Group.
The location west of Interstate 75 near the Selmon Expressway is desirable.
The buildings in the First Park @ Brandon complex are flex-office space with no internal corridors and can be used as office or industrial space.
The area east of Tampa “is a very strong growth market that has very low vacancy rates and rising rental rates, and there's not a lot of this product in the market,” Bell said. “The occupancy rates are very high, so owners are flocking to this type of product. It's one of the most popular in the market right now.”
More than 180 confidentiality agreements were signed over the six weeks while the property was listed on Ten-X.
“The demand was almost double what you would typically find on typical transactions,” Bell said.
The asset is 86 percent occupied.
The buildings have a combined square footage of 134,000 for a sale price of nearly $110 per square foot.
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