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Mosaic Realty Partners Acquires Retail/Office Mixed Use Property In Tampa For $38.1M

Property Image
SOLD
$38,100,000

Florida

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Mixed-use115,899 SF
Sold 06/24/2022
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Property Image
SOLD

Mosaic Realty Partners Acquires Retail/Office Mixed Use Property In Tampa For $38.1M

1120 East Kennedy Boulevard, Tampa, Florida 33602, United States

See Similar Deals
Mixed-use115,899 SF
Sold 06/24/2022
Contact now

Summary

FLORIDA
Asset Type:Mixed-use
Price Per Square Foot:$328
Total Square Footage:115,899 SF
Transaction Type:Sale

1120 E Kennedy Blvd, a retail/office mixed-use property, located in Tampa, was recently sold in a transaction worth $38,100,000. The property spans 115,899 square feet, resulting in a price per square foot of $329. The sale took place on June 24, 2022.

Summary of transaction details:

  • Property Type: Retail/Office Mixed Use
  • Transaction Amount: $38,100,000
  • Address: 1120 E Kennedy Blvd
  • Market: Tampa

The buyer of the property was Mosaic Realty Partners, while the seller was Mercury Advisors. The deal was facilitated by brokers Mike Milano, CCIM, Nicholas Coccodrilli, and Brandon Rapone, CCIM, from Colliers.

These individuals played a key role in the successful completion of the transaction, representing the buyer and seller. Mosaic Realty Partners, a reputable real estate company, acquired the property from Mercury Advisors. On the other hand, Mike Milano, Nicholas Coccodrilli, and Brandon Rapone, from Colliers, served as the brokers in this deal.

Players

Brandon Rapone
3 deals$79.4M volume
BROKER

Mike Milano
Colliers
5 deals$92M volume
BROKER

Nicholas Coccodrilli
Colliers
3 deals$90.5M volume
BROKER

BUYER

Details

SOLD
IMAGE: Nicholas Coccodrilli, Mike Milano & Brandon Rapone DATE: 06/24/2022 ADDRESS: 1120 E Kennedy Blvd MARKET: Tampa ASSET TYPE: Retail/Office Mixed Use BUYER: Mosaic Realty Partners SELLER: Mercury Advisors BROKERS: Mike Milano, CCIM, Nicholas Coccodrilli (@Cocco_Nick) & Brandon Rapone, CCIM (@BrandonRapone) - Colliers (@Colliers_CFL) SALE PRICE: $38,100,000 SF: 115,899 ~ PPSF: $329

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

$2,032,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$135,361.25
Cash-on-Cash Return-1.27%
Monthly Debt Service$180,613.44
Annual Debt Service$2,167,361.25