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Archive for August, 2010

CBRE’s Retail Vacancy Report for Tampa, Florida

August 22nd, 2010 No comments

Tampa
Tampa fared the worst in the second quarter posting negative absorption of 296,000 square feet because of closings by major retailers. Small shop leasing helped, however, posting positive absorption of 26,000 square feet.

Despite the net absorption, the vacancy rate in Tampa stands at a relatively low 7.7 percent. Average asking rents fell 3.2 percent to $14.67 per square foot from the first quarter.

Click for the full report at Retail Traffic magazine

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Recent Deals of Note: KForce & Buffalo Wild Wings

August 10th, 2010 No comments

Date: May 28, 2010Kforce Home Office in Ybor City Tampa

BUYER: Kforce Services Corp. Tampa, FL

SELLER: iStar CTL East Palm — Tampa LLC

PROPERTY: 1001 E. Palm Ave., Tampa

PRICE: $28.5 million

PREVIOUS PRICE: $1.25 million, September 2000

PLANS, DESCRIPTION: Kforce Inc. purchased its headquarters in Ybor City for $28.5 million.

The price equated to $213 per square foot.

The four-story, 133,660-square-foot building was originally built in 2001. It occupies a 6.37-acre parcel and features a 4,200-square-foot fitness center, 100-seat cafeteria, coffee bars on each floor and an outdoor basketball court.

Kforce previously leased the building from iStar, a commercial real estate firm.

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Date: June 24, 2010

BUYER: MCA Enterprises Brandon, IncBuffalo Wild Wings Image

SELLER: Florida Wings Group, LLC

PROPERTY: Brandon Crossroads

PRICE: $2.6 million

PREVIOUS PRICE: $.7 million, January 2004

PLANS, DESCRIPTION: The property includes 2.01 unesable acres of land, and is improved by free-standing, 6,600 square foot Buffalo Wild Wings restaurant built in 2004.

The price equated to $394 per square foot.

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Comments:

There were also a couple of sizeable trades on apartment complexes, recently.  Providence Place apartments in Brandon, FL sold on August 4, 2010 for $30 million and Carrollwood Station Apartments sold for $18.9 million on August 6, 2010.  It is good to see some of these larger trades begin to happen.

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Costar Report: #Tampa Office Vacancy Ticks Down

August 10th, 2010 No comments

The office vacancy rate in the Tampa/St Petersburg market area decreased to 14.1% at the end of the second quarter 2010. The vacancy rate was 14.2% at the end of the first quarter 2010, 14.1% at the end of the fourth quarter 2009, and 13.8% at the end of the third quarter 2009.

For Complete Story: Click Here

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