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6302 East Dr. Martin Luther...

Torose Equities & Merrimac Ventures Acquire Office Building In Tampa For $31M
SOLDOffice

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

Joe Chick

CBRE

Broker

$197.6M

vol

9 deals

Broker
MV
Merrimac VenturesBuyer
TP
Third Lake PartnersSeller

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