FINANCING INQUIRIES For financing options reach out to: Brian Brady brian.brady@matthews.com +1 (813) 489-6197
MARK TO MARKET OPPORTUNITY
INVESTMENT HIGHLIGHTS
SUPERIOR BUILDING AND PARKING LAYOUT – 8800 Office Park boasts three well-maintained small bay multi-tenant office buildings with an immense parking lot that stretches the western edge of the parcel.
IRREPLACEABLE LOCATION – The site is in the South Central corridor of Pinellas County, a landlocked peninsula that is part of the 2nd largest MSA in Florida. 8800 Office Park is only a few thousand feet from US Hwy-19, Gandy Blvd, and I-275, allowing for direct access to the rest of the Tampa MSA.
IDEAL UNIT SIZES – With 90% of the suites under 700 square feet, the ability to incrementally increase the asking Rent/SF to boost the overall monthly revenue is substantial. Along with rent growth, these suite sizes offer great diversification on rollover timeline and tenant business type.
RECENTLY RENOVATED BUILDING – The following extensive upgrades allow for an acquisition with limited capital expenditure budgets: new roofing, new security camera system, HVAC upgrades, exterior work, including paint, parking lot & more.
GREAT IN-PLACE CASHFLOW – The estimated year one cap rate on this deal is 8.25% per market assumptions, there is the ability to reach a double-digit unlevered yield by year three of ownership.
STRONG OPERATING HISTORY – Current ownership has successfully inked approximately 8 leases near or above the market rate of $21/SF since acquisition (±12 months).
STRONG MARK TO MARKET OPPORTUNITY – This deal has over 22% of the GLA coming due by the end of 2023 and 40% of the GLA coming due by the end of 2025. There is a clear mark-to-market opportunity to increase the already leased space to an even higher cash flow in a short period of time.
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