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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

CBRE

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