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LBA Realty Acquires Industrial Property In Tampa For $32M

Property Image
SOLD
$32,000,000
Rick Brugge
Mike Davis
+ 4

Florida

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Industrial645,241 SF
Sold 01/14/2021
the dealplayerscompscontact
Property Image
SOLD

LBA Realty Acquires Industrial Property In Tampa For $32M

4130 West Gandy Boulevard, Tampa, FL, USA

See Similar Deals
Industrial645,241 SF
Sold 01/14/2021
Rick Brugge
Mike Davis
+ 4
Contact now

Summary

FLORIDA
Asset Type:Industrial
Price Per Square Foot:$49
Total Square Footage:645,241 SF
Transaction Type:Sale

The industrial property located at 4130 W. Gandy Boulevard in Tampa has been sold. The property spans 645,241 square feet and was sold for a price of $32,000,000, resulting in a price per square foot of $50. The buyer of the property was LBA Realty, while the seller was Macy's. The transaction was facilitated by brokers Mike Davis, Rick Brugge, Rick Colon, Dominic Montazemi, Gary Gabriel, Adam Spies, and Anthony Pasqual from Cushman & Wakefield.

Summary of transation details

  • Property Type: Industrial
  • Transaction Amount: $32,000,000
  • Square Footage: 645,241
  • Price per Square Foot: $50
  • Address: 4130 W. Gandy Boulevard, Tampa
  • Market: Tampa

The deal involved the collaboration of multiple individuals and companies. The brokers who represented the buyer and seller in the transaction were Mike Davis, Rick Brugge, Rick Colon, Dominic Montazemi, Gary Gabriel, Adam Spies, and Anthony Pasqual from Cushman & Wakefield. Their expertise and negotiation skills played a crucial role in facilitating the successful sale of the industrial property.

Players

Gary Gabriel
56 deals$4.5B volume
BROKER

Adam Spies
Newmark
260 deals$71.4B volume(212) 841-7500
BROKER

Dominic Montazemi
Cushman & Wakefield
90 deals$4.2B volume
BROKER

Mike Davis
Cushman & Wakefield
65 deals$3.6B volume
BROKER

Rick Brugge
Cushman & Wakefield
65 deals$2.8B volume
BROKER

Rick Colon
Cushman & Wakefield
55 deals$2.7B volume
BROKER

Anthony Pasqual
Cushman & Wakefield
2 deals$61M volume
BROKER

LBA Realty
BROKERAGE

Macy's
SELLER

Details

SOLD
IMAGE: Mike Davis, Rick Brugge, Adam Spies, Rick Colon, & Dominic Montazemi DATE: 01/14/2021 ADDRESS: 4130 W. Gandy Boulevard MARKET: Tampa ASSET TYPE: Industrial BUYER: LBA Realty SELLER: Macy's BROKERS: Mike Davis, Rick Brugge, Rick Colon, Dominic Montazemi, Gary Gabriel, Adam Spies, & Anthony Pasqual - Cushman & Wakefield PRICE: $32,000,000 SF: 645,241 ~ PPSF: $50

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,706,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$113,689.24
Cash-on-Cash Return-1.27%
Monthly Debt Service$151,696.33
Annual Debt Service$1,820,355.91