Mike Davis, Rick Brugge and Michael Lerner Close Largest Industrial Transaction in Tampa History
Cushman & Wakefieldannounced today that it has closed the sale of3350 Laurel Ridge Avenue, a one million-square-foot, best-in-class regional distribution center in suburban Tampa. According to Cushman & Wakefield research, the transaction was the largest industrial sale in Tampa history in terms of both size and value.
The team of Executive DirectorMike Davis, Senior DirectorRick Bruggeand Senior DirectorMichael Lernerrepresented sellerUSAA Real Estate Companyin the disposition. Phoenix-basedVEREITpurchased the asset.
3350 Laurel Ridge Avenue is a 1,017,550-square-foot Class A fulfillment and distribution property. The building came online in 2014 and is 100 percent leased to an internationally-recognized Fortune 50 eRetailer. It is LEED® Silver Certified and offers modern features such as 40-foot clear heights, a 200-foot truck court, 92 rear-load doors, 54-foot by 50-foot column spacing, an ESFR sprinkler system and generous trailer parking.
“The property ideally suits the current tenant’s needs, but its flexible, state-of-the-art design can easily accommodate future tenants of 100,000 square feet and up,” said Davis.
3350 Laurel Ridge Avenue is located in Tampa’s premier, institutionally-held I–75 Corridor submarket, providing excellent access to Florida’s second-largest city and a logistical advantage over competing properties that lack immediate access to Interstate 75.
“The property’s state-of-the-art features, outstanding location and limited competition made this an exceptional investment opportunity,” said Davis. “We believe that it truly is the highest-quality industrial building in Central Florida.”
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visitwww.cushmanwakefield.comor follow@CushWakeon Twitter.
About USAA Real Estate Company
USAA Real Estate Company, with approximately $15 billion in assets under management, provides co-investment, acquisition, build-to-suit and development services for corporate and institutional investors. The USAA portfolio consists of office, industrial, retail and hotel properties as well as investments in real estate operating companies. USAA Real Estate Company is a subsidiary of USAA, a leading financial services company, serving military families since 1922. For more information, visitwww.usrealco.com.
