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6302 Corporate Center

Torose Equities And Merrimac Ventures Acquire 6302 Corporate Center Office Building In Tampa For $31M
SOLDOffice

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

Joe Chick

Foundry Commercial

Broker

$197.6M

vol

9 deals

Broker

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