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Linkvest Capital Acquires Manawa Property From B&L Investments Interstate LLC For $31M

Property Image
SOLD
$31,000,000
Courtney Snell
Dale Peterson
+ 2

Wisconsin

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Office350,000 SF
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Property Image
SOLD

Linkvest Capital Acquires Manawa Property From B&L Investments Interstate LLC For $31M

6302 E Dr Martin Luther King Jr BLVD...

See Similar Deals
Office350,000 SF
Courtney Snell
Dale Peterson
+ 2
Contact now

Summary

WISCONSIN
Asset Type:Office
Price Per Square Foot:$88
Total Square Footage:350,000 SF
Transaction Type:Sale

Interstate Corporate Center, located at 6302 E Dr. Martin Luther King Jr. Blvd. in the Manawa market, has been sold for $31,000,000.00. The office complex extends over 350,000 square feet and is situated on a 50-acre site. Built in 1984 and renovated in 2018, the property was 80 percent leased at the time of sale, hosting tenants including Hillsborough County School Readiness Coalition Inc., Ashley Furniture Industries Inc., HealthPlanOne, and the Florida Department of Revenue Child Support Services. The largest tenant is Concentrix CVG Customer Management Group Inc., which occupies 81,134 square feet.

Summary of transaction details:

  • Property Type: Office Complex
  • Transaction Amount: $31,000,000.00
  • Seller: B&L Investments Interstate LLC
  • Buyer: Linkvest Capital
  • Seller's Representative: Kristen Hagen-CBRE, Courtney Snell-CBRE, Dale Peterson-CBRE, Joe Chick-CBRE
  • Property Size: 350,000 square feet
  • Address: 6302 E Dr. Martin Luther King Jr. Blvd., Tampa, FL
  • Market: Manawa

A joint venture between Torose Equities, Merrimac Ventures, and Linkvest Capital completed the transaction. The seller was supported by CBRE representatives including Dale Peterson, Joe Chick, Kristen Hagen, Courtney Snell, and Nick Sharpe. The property was strategically located about six miles from downtown Tampa.

Players

Joe Chick
9 deals$197.6M volume
BROKER

Courtney Snell
CBRE
7 deals$122M volume
BROKER

Dale Peterson
CBRE
8 deals$147M volume(183) 273-8409
BROKER

Kristen Hagen
CBRE
6 deals$107.5M volume
BROKER

Nick Sharpe
CBRE
5 deals$107.5M volume
BROKER

SELLER

Details

SOLD
IMAGE: 6302 E Dr Martin Luther King Jr BLVD... MARKET: Manawa SELLER'S REP: Kristen Hagen-CBRE Courtney Snell-CBRE, Dale Peterson-CBRE, Joe Chick-CBRE BUYER: Linkvest Capital SELLER: B&L Investments Interstate LLC PRICE: $31,000,000.00 SF: 350000

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,653,333.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$110,136.45
Cash-on-Cash Return-1.27%
Monthly Debt Service$146,955.82
Annual Debt Service$1,763,469.79