Torose Equities And Merrimac Ventures Acquire 6302 Corporate Center Office Building In Tampa For $31M
$31,000,000
$88/SF
Building Size
350,000 SF
Asset Type
Office
Closing
Sep 29, 2023
AI
The 6302 Corporate Center in Tampa has been purchased by Torose Equities and Merrimac Ventures for $31 million. The office building, which spans 350,000 square feet, was originally developed as an outlet mall in 1984 and later converted into office space. The property holds long-term cash flow potential and offers future development opportunities, according to Scott Sherman, the founder and principal of Torose Equities.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $31,000,000
- Address: 6302 Corporate Center, Tampa
- Market: Tampa
- Acres: 50
The acquisition of the 6302 Corporate Center involved Torose Equities, represented by Scott Sherman, and Merrimac Ventures, represented by Dev Motwani and Nitin Motwani. They purchased the property from B&L Investments Interstate, represented by Brad Luger. The deal was facilitated by brokers Dale Peterson, Joe Chick, Kristen Hagen, Courtney Snell, and Nick Sharpe of CBRE.
Players
Market Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.51%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93