A Florida-based developer has acquired a 25,634-square-foot, multi-tenant medical office building in Tampa, Fla., from a group of local investors.

The asset traded through a 1031 exchange for $8.6 million and at a 7.44 percent cap rate. Director James Ullrich, Senior Director Jeff Matulis and Associate Michael Macchia of Stan Johnson Co. worked on behalf of the seller, while the company’s Houston office represented the buyer.

Located at 4531 S. Dale Mabry Highway in a dense residential area, the asset is close to important developments in the South Tampa submarket, such as the Gandy Bridge overpass project or the waterfront housing development in the Westshore Marina District. According to Ullrich, the lot is one of the deepest on South Dale Mabry. Tampa Sports Academy anchors the property, occupying roughly half of the building, while the remaining space is leased to three tenants on triple net leases.

Source:  CPE