CTO Realty Growth Purchases 120500 SF Property At 3620 Queen Palm Dr In Tampa With CBRE Rep

The property asset involved in this transaction is an office building located at 3620 Queen Palm Dr, Tampa, FL, 33619, within the Tampa market. The building has a total square footage of 120,500. It was fully triple net leased to Ford Motor Credit Corp. at the time of sale, and the sellers had acquired the property in 2016.

Summary of transation details:

• Property Type: Office building
• Transaction Amount: $26.9 million
• Square Footage: 120,500
• Address: 3620 Queen Palm Dr, Tampa, FL, 33619
• Market: Tampa
• Buyer: CTO Realty Growth
• Seller: Joint venture between Pacer Partners and Drake Real Estate
• Seller's Representatives: Kristen Hagen-CBRE, Courtney Snell-CBRE, Dale Peterson-CBRE, Joe Chick-CBRE

The deal involved a joint venture that extended the tenant's lease five years prior to the sale. The parties involved in representing the sellers played significant roles in facilitating the transaction, showcasing their expertise in the Tampa commercial real estate market.