Torose Equities & Merrimac Ventures Acquire Office Building In Tampa For $31M
6302 East Dr. Martin Luther King Jr Boulevard
$31,000,000
$88/SF
Building Size
350,000 SF
Asset Type
Office
Closing
Jan 18, 2023
AI
The office property located at 6302 East Dr. Martin Luther King Jr Boulevard in Tampa has been sold in a recent transaction. The property spans a total area of 350,000 square feet and was sold for a price of $31,000,000, resulting in a price per square foot of $89.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $31,000,000
- Address: 6302 East Dr. Martin Luther King Jr Boulevard, Tampa
- Market: Tampa
The buyer of the property is Torose Equities and Merrimac Ventures, while the sellers are Third Lake Partners and B And L Investments. The sellers were represented by Joe Chick, Courtney Snell, Dale Peterson, Kristen Hagen, and Nick Sharpe from CBRE.
Players
Tampa 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