Asking Price Contact for pricing
Area Size
NOI Net Operating Income N/A
NIY N/A

Documents

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Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.

Attributes

Year Built 1974-1985
Building Area Net
Occupancy 80.0 %

Asset Description

JLL Capital Markets (“JLL”) is pleased to exclusively offer the opportunity to acquire Park at Bay Plaza (the “Property”), a seven-building 186,239 square foot office portfolio located in Tampa, Florida. This single-story portfolio provides convenient drive-up access and boasts an above average surface parking ratio of approximately 3.6/1,000 SF. Park at Bay Plaza sits on approximately 13 acres, conveniently located near Tampa’s major transportation arteries, including Interstate 4, Interstate 75, and the Selmon Expressway. The Property’s centralized, commuter friendly location services the 3.2 million people living in the Tampa MSA. 


Currently 80% leased to a number of strong local, regional, and national tenants, Park at Bay Plaza is a rare value-add investment opportunity with tremendous upside potential. A new owner will benefit from in-place rents at 11.7% below market average, allowing for tenancy roll to result in higher rental rates. The Property offers unique, flexible layouts for office, medical and flex tenants including roll up doors and executive suites. 

Investment Highlights

UPSIDE POTENTIAL: Average rental rates are currently 11.7% below market rates


VALUE-ADD: 80.2% current occupancy presents the opportunity to lease up over 36,000 SF


FUNCTIONALITY: Perfectly positioned to benefit from the wave of tenants focused on well located, single story suburban office buildings with flexible space availabilities


SUPREME CONNECTIVITY & ACCESS: Well-located in the I-75 corridor with excellent proximity to major interstate systems including I-4, I-75, and the Selmon Expressway


STRONG ECONOMIC METRO DRIVERS: Tampa MSA has been the beneficiary of the great migration to Florida, bringing residents and capital to the area

Last Updated Date: 13 May 2022

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Last Updated Date: 13 May 2022

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