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Christian Tyler Properties Acquires Office From Michael Lerner, Mike Davis, And Rick Brugge In Tampa For $10.5M

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SOLD
$10,500,000

Florida

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Office60,000 SF
Sold 01/11/2018
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Property Image
SOLD

Christian Tyler Properties Acquires Office From Michael Lerner, Mike Davis, And Rick Brugge In Tampa For $10.5M

10210 Windhorst Rd, Tampa, FL, 33619

See Similar Deals
Office60,000 SF
Sold 01/11/2018
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Summary

FLORIDA
Asset Type:Office
Price Per Square Foot:$175
Total Square Footage:60,000 SF
Transaction Type:Sale

The property involved in the transaction is a fully leased, 60,000-square-foot office building located at 10210 Windhorst Rd, Tampa, FL, 33619. Constructed in 2002 on 8.2 acres, the building offers amenities such as a café, fitness center, raised IT room, and a parking ratio of 10 spaces per 1,000 square feet. The property was acquired by Christian Tyler Properties for $10.5 million from 10210 Windhorst Blvd LLC.

Summary of transaction details:

The Capital Markets team of Cushman & Wakefield, including Executive Director Rick Brugge, Vice Chairman Mike Davis, and Executive Director Michael Lerner, represented the seller in the transaction. The building has been fully occupied since its completion and is currently utilized by UnitedHealth Group as a corporate call center with a long-term, triple-net lease. Situated within Pinebrooke Commerce Center, the property offers easy access to major interstates and various amenities in Hillsborough County.

Players

Mike Davis
65 deals$3.6B volume
BROKER

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

Michael Lerner
Cushman & Wakefield
8 deals$280.6M volume(407) 841-8200
BROKER

BUYER

Details

SOLD
IMAGE: 01/11/2018 ADDRESS: 10210 Windhorst Rd, Tampa, FL, 33619 MARKET: Tampa ASSET TYPE: Office SELLER'S REP: Michael Lerner(Cushman & Wakefield), Mike Davis(Cushman & Wakefield), Rick Brugge(Cushman & Wakefield) BUYER: Christian Tyler Properties PRICE: $10,500,000.00 SF: 60000

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

$559,999.99

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$37,304.29
Cash-on-Cash Return-1.27%
Monthly Debt Service$49,775.36
Annual Debt Service$597,304.28