Tampa Infill Logistics Portfolio_Property for Sale
Tampa Infill Logistics Portfolio_Property for Sale
Adamo Distribution Center & Commerce Park Distribution Center, Tampa, FL 33605

Tampa Infill Logistics Portfolio

Portfolio description

Jones Lang LaSalle, Inc. (“JLL”) has been exclusively retained to market for sale The Tampa Infill Logistics Portfolio (the “Portfolio" or “Properties”) – two last-mile, light industrial parks located within the highly desirable East Tampa submarket. 

 

The 492,957 square foot portfolio is currently 91% occupied and totals nine buildings within two synergistic parks, Adamo Distribution Center and Commerce Park Distribution Center. These highly desirable parks offer a variety of bay sizes and buildouts catering to the deepest tenant pool within the market. Spaces range from 2K to 64K SF with low office buildouts, 20'-25' clear heights, ample dock-high/van-high loading mix (80%), and rail access capabilities at Commerce Park. The Portfolio’s rent roll offers 2.2 years of remaining lease term with in-place rents that yield a 55% untrended mark-to-market opportunity, providing for 86% NOI growth over the first five years of the projection.

 

The Portfolio also benefits from a strategic location in one of Florida’s strongest major markets, Tampa. Fronting the Selmon Expressway (SR-618) and located less than 10 minutes from Tampa’s central business district, Tampa International Airport, Port Tampa Bay, I-75, I-4, and I-275, the Tampa Infill Logistics Portfolio offers unparalleled last-mile, regional, and statewide logistics capabilities with the ability to reach over 6.5M people within a 90-minute drive. 

 

This offering provides investors with the rare opportunity to acquire a critical mass of highly functional light industrial assets at a discount to replacement cost, with low WALT remaining, massive mark-to-market potential, and 86% projected NOI growth over the next five years from a diverse, distribution-oriented base of local, regional, and national tenants within one of the premier southeast US markets.

...

Attributes

Building area gross
45,797 m²
Occupancy
91%
WALT
2.2 years
Number of buildings
9
Tampa Infill Logistics Portfolio (2 Properties)
Tampa Infill Logistics Portfolio (2 Properties)

Media

Investment Highlights

Rare Opportunity Of Scale In A Supply Constrained FL Market With Last-Mile, Regional, And Statewide Logistics Capabilities

  • Totaling 492,957 SF, the Portfolio offers a rare opportunity to assemble a critical mass of light industrial in one of the best-performing markets in the country.
  • Since 2019, only 2 multi-building parks larger than 450K SF have traded in Tampa, highlighting the difficulty for a new owner to enter this high-growth market at scale.


Immense Near-Term Upside Potential With Immediately Actionable Business Plan

  • Low 2.2-year WALT paired with massive 55% mark-to-market.
  • 5-year NOI growth of 86%.
  • Top rent-growth market in the US with 37% of additional growth forecasted by 2028.


Attractive Value Proposition Poised For Long-Term Success

  • Attractive acquisition basis below recent market trades ($200 PSF) and at a discount to replacement cost ($230 PSF).
  • Significant recent capital improvements totaling over $1.3M across both properties including exterior painting, asphalt sealing and striping, truck court upgrades, LED lighting, and new monument signage.


Reliable Cash Flow With Proven Track Record

  • The average tenure of the 27 in-place tenants between both properties is 13.45 years.
  • $4.0M Year 1 NOI with 3.6% average annual escalations.
  • Since 2023, recently signed leases have averaged $0 in TI allowance, less than one month of free rent, 62 months of term, and nearly 4.5% annual escalations.
Tampa Infill Logistics Portfolio 4_Property for Sale
Tampa Infill Logistics Portfolio 4_Property for Sale

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Last updated
4 Nov 2024