Lakeview at Hidden River_Property for Sale

8875 Hidden River Pkwy, Tampa, FL, 33637-1035, US

Lakeview at Hidden River

Asset description

Jones Lang LaSalle (“JLL”) is pleased to exclusively offer the opportunity to acquire Lakeview at Hidden River (the “Property” or “Building”), a Class A, multi-tenant office asset located in the highly amenitized Hidden River Corporate Park in Northeast Tampa. Comprised of 126,309 square feet, Lakeview at Hidden River boasts a 4.5-year WALT and 16.3-year WATT (“Weighted Average Tenant Tenure”), with high quality, committed tenancy. Hidden River Corporate Park offers a live-work-play-stay environment featuring 1M square feet of office, 600 multihousing units, 207 hotel keys, and adjacent retail options such as Starbucks, Chick Fil A, and Publix as well as the 240-acre Lettuce Lake Park. Conveniently situated just off Interstate 75, the Property offers accessibility to a population of 1.4M people within a 30-minute drive as well as a plethora of amenities and restaurants including Tampa Premium Outlets, The Shops at Wiregrass Ranch, and Busch Gardens Amusement Park. Lakeview at Hidden River combines excellent office tenancy with a preferred suburban location providing convenient accessibility to multiple major Tampa submarkets.

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Attributes

Building area net

11,734 sm

Building class

Land area net

3.19 ha

Year built

1989

Occupancy

61%

Media

Investment highlights

VALUE ENHANCEMENT OPPORTUNITIES

Opportunity to further amenitize and capitalize on campus-style environment through the addition of a fitness center or conference center while leasing up nearly 50,000 square feet.

QUALITY, DIVERSIFIED TENANCY

High quality tenancy with nearly 50% of the RSF comprised of national brands, businesses, and government agencies and a +16 year WATT.

CLEAR PATH TO NOI GROWTH

Durable in-place cash flow with a compelling 13% 5-year CAGR and 90% 5-year NOI growth.

INSTITUTIONAL QUALITY

Well maintained by institutional ownership with more than $2.5 Million in recent capital upgrades including new roof, lobby renovations, elevator modernizations, and common area upgrades.

STRATEGIC LOCATION WITH PREMIER ACCESSIBILITY

The Property offers unmatched access to I-75 and located less than 15 minutes from the affluent neighborhoods of Wesley Chapel, Carrollwood, and Temple Terrace.

ROBUST BUSINESS HUB

With 18% population growth since 2010, Tampa has become Americas 2nd Best City to Find a Job and 3rd fastest growing income city in the country.

ATTRACTIVE COST BASIS

The Property will trade at a significant discount to replacement cost, which will only increase as construction costs continue to rise at record pace, providing an attractive basis to a future owner.