CIP Real Estate Acquires Sunstate Park In Tampa For $27.25M

CIP Real Estate has purchased Tampa's Sunstate Park for $27.25 million, adding to their industrial portfolio of over 585,000 square feet in the region. The property, located at 4899 West Waters Avenue, spans 15 acres and encompasses a total square footage of 180,367. The transaction was facilitated by the buyer's representative, Jason Hochman, Ron Granite, and Sean Campbell from Cushman & Wakefield, while Colliers acted as the seller's representative. The sale price of $27,250,000 equates to a price per square foot of $151.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $27,250,000
• Address: 4899 West Waters Avenue
• Market: Tampa
• Acres: 15
• Square Footage: 180,367
• Buyer: CIP Real Estate
• Seller: Belay Investment Group & Birtcher Anderson Davis
• Buyer's Representative: Jason Hochman, Ron Granite & Sean Campbell - Cushman & Wakefield
• Seller's Representative: Colliers

Upon entering the Florida market in 2022, CIP Real Estate plans to invest $2 million in upgrades for the Sunstate Park property. This acquisition further bolsters their industrial portfolio in the region, which already exceeds 585,000 square feet.