Tampa Commercial Real Estate | Florida Commercial Property

Address	15412 N. Dale Mabry Hwy
Property Type	Sonny’s BBQ – Restaurant Building
Sales Date	01/27/2011
Sales Amount	$1,457,865
Amount/Sq Ft	$246.09
Prior Sale Amount	$2,150,111
Prior Sales Date	12/7/2000
Exterior Wall	Concrete Block

Address	13179 N Dale Mabry Hwy
Property Type	Wendy’s – Fast Food Franchise
Sales Date	03/06/2012
Sales Amount	$1,700,000
Amount/Sq Ft	$595.24
Prior Sale Amount	$890,…
Prior Sales Date	01/1989
Exterior Wall	Brick

Address	8411 N Dale Mabry HWY
Property Type	Old Albertsons – Supermarket
Sales Date	02/29/2012
Sales Amount	$6,350,000
Amount/Sq Ft	$102.26
Prior Sale Amount	$777,000
Prior Sales Date	01/28/2011
Exterior Wall	Precast Panel

Address	1001 E Adamo Drive
Property Type	Sonny’s BBQ – Restaurant Building
Sales Date	01/27/2012
Sales Amount	$1,176,211
Amount/Sq Ft	$225.00
Prior Sale Amount	$27,500
Prior Sales Date	00/1971
Exterior Wall	Stucco

Address	4020 W Kennedy Blvd
Property Type	Strip Commercial Center
Sales Date	11/15/2011
Sales Amount	$765,000
Amount/Sq Ft	$144.89 (Multiple Properties)
Prior Sale Amount	$650,000
Prior Sales Date	08/04/2011
Exterior Wall	Stucco

Address	4005 S. Dale Mabry Hwy
Property Type	JP Morgan – Financial Building
Sales Date	01/20/2012
Sales Amount	$1,70,000
Amount/Sq Ft	$237.36
Prior Sale Amount	$1,805,000
Prior Sales Date	02/01/2002
Exterior Wall	Brick

Address	1102 Goldfinch Drive
Property Type	Sonny’s BBQ – Restaurant  Building
Sales Date	01/27/2012
Sales Amount	$1,215,692
Amount/Sq Ft	$209.75
Prior Sale Amount	$600,000
Prior Sales Date	09/14/2001
Exterior Wall	Stucco

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Palm Harbor Florida Office Space - Alt US 19

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Florida real estate markets show the first tentative signs of being on the verge of recovering from the most painful recession in the state’s history, according to the latest report from the University of Florida.

“They see the fundamentals of the economy stabilizing and they see the opportunity to get quality assets at a good price,” he said. “So if they think things aren’t going to get worse and they may actually get better, it follows that they’re going to want to start investing again.” Says Timothy Becker Director of the Bergstrom Center for Real Estate Studies

The retail and office markets are the worst off, Becker said. “Until there is an increase in job growth, there is no need for more office space, and people aren’t spending as much money as they used to,” he said.

Click here for the complete article.

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Its not terribly surprising that the University of Florida’s assessment of the 4th Quarter 2010 real estate market is largely unchanged from the previous quarter.  Market professionals continue to express concern about stagnant financial markets and rising unemployment in the state.  Here is a summary of the Tampa Bay Area commercial markets:

• Cap rates increased over the past quarter across most property types, with the largest changes occurring in Warehouse (+0.31% change) and Office: Class A (+0.26% change). The largest negative changes occur in Condo Conversions (-6.30% change) and Free Standing Retail (-0.67% change).

• Cap rate outlooks indicate that rates are expected to be mixed across most property types in the next quarter. The strongest indication of a cap rate increase occurs in Office: Class A.

• Required yields for Tampa-St. Petersburg are higher, on average, than that of the state, 14.36% compared to 13.32% statewide.

• Required yields are highest for Condo Conversion at 20.7% and lowest for Free Standing Retail at 11.3%.

• Required yields increased across all but three property types last quarter. The largest shifts in required yields occurred in Condo Conversions (+1.61% change) and Office: Class B (+1.49% change).

• The investment outlook is mixed across property types, with the most positive outlook occurring in Warehouse and Distribution and Apartments.

• The outlook for Land Development appears to be neutral to negative for all land classifications.

• Future occupancy rates are expected to be mixed for a majority of property types.

• Rental rates are expected to increase slower than inflation across almost all property types over the next quarter.

Click here to to see the complete report.

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Although, we normally reserve this blog for commercial real estate happenings, I believe this information is highly appropriate for our area. There are men and women around the world laying their lives on the line for our safety and respect should be given.

My thoughts and prayers go out to the family and loved ones.

Fallen Hero Escort Route

THURSDAY, February 04, 2010

1400 hrs: Marine Sgt. Daniel M. Angus  arrives at MacDill Air Force Base

1430 hrs. (approximate): Escort departs MacDill AFB

• Escort proceeds North on Bayshore Boulevard to
• East on Platt Street Bridge to
• North on Florida Avenue to
• East on Jackson Street to
• North on Jefferson Street to
• East on Twiggs Street to
• Channelside Drive to
• East on SR 60 to
• South on Kings Avenue to
• West on Lumsden Road to

• South on Providence Road to

• Serenity Meadows Funeral Home

(6919 Providence Road
Riverview, FL 33578-4528)

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“We are going to see distress continue to mount this year,” Bach said.

Leasing rates for all sectors, including multifamily, retail, industrial and office, will continue to rise at least through the first six months, he said.

Grubb & Ellis’ Chief economist Robert Bach was in Tampa today to speak with Florida Gulf Coast Association of Realtors (FGCAR) and West Coast CCIM’s to discuss the outlook for commercial real estate.  (Complete story at the Tampa Bay Business  Journal)

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“This is a generational opportunity for law firms, for those whose leases are up in the next couple years,” said Jack Lowell of Flagler Real Estate Services. “We’ve been through this a few times before in Miami. These cycles last for two to three years.”

This was a piece from the  Miami Herald today.  It is interesting to  watch the way law firms are handling the current  downturn in the Tampa Bay area.  Some are looking for the 10  year leases  to really capitalize on their positions in the market.  Others are moving in to sub-leases  at 30%  below  market  rents,  with 2  year terms.   Confidence  in the staying power of their firms is a big factor  in which way they decide to go.

Complete Article

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Excerpt from the TB Business Journal:  Existing single-family home sales were up 33 percent statewide and almost that high in Sarasota-Bradenton as real estate practitioners look back at the third quarter.

Home sales jumped 32 percent in Sarasota-Bradenton, the best increase in the Tampa Bay region, according to Florida Realtors. More than 2,300 homes were sold in the quarter, compared with 1,758 the year before.

Strong sales numbers also were experienced in Tampa-St. Petersburg-Clearwater as well as Lakeland-Winter Haven with both areas rising 20 percent. Nearly 7,800 homes were sold in the Greater Tampa area, compared with 6,502 the year before, while Lakeland’s numbers were up from 2,633 to 3,377. (….rest of housing in Tampa story from TB Business Journal)

Comments:  With Unemployment in the Tampa Area pushing 12% and personal income continuing to drop, its hard to believe that housing sales are sustainable.   Anecdotally, most residential brokers are telling me the sales are in the lower priced homes, taking advantage of the government programs.  Meaningful housing numbers will follow a rise in employment.

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Investors including DeBartolo recently paid $25.4 million for the $69 million Corus Bank mortgage on the Palms of Monterrey apartment complex in Fort Myers and $30 million for the Georgetown apartments off West Shore 
Boulevard in Tampa that sold for $125 million at the height of the boom in 2005.

Excerpt from Gulf Coast Business Review

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Net Lease Commercial Advisory  

www.floridatriplenet.com

813-514-1070

fax: 813-354-2338

For Immediate Release

NET LEASE COMMERCIAL ADVISORY GROWS TAMPA OFFICE WITH NEW HIRE DAVID M. WILLIAMS

TAMPA, FLORIDA –Net Lease Commercial Advisory is pleased to announce that David M. Williams, former Business Director of Synergy Properties has joined the firm’s commercial real estate team as a Commercial Investment Advisor.  He will be based in the firm’s downtown Tampa office.

“We are very eager to have David join our dynamic team,” said Eric W. Odum, President of Net Lease Commercial Advisory. “His real estate background, combined with his extensive leasing and sales experience, is a welcome addition to our firm.  His addition shows our commitment to further develop talent for our Net Lease Investment Division.”

“I am very excited about joining this great company,” said Williams. “Net Lease Commercial Advisory has developed sophisticated and profitable investment strategies, and I am honored to be a part of the company’s continued acceleration.”

Before working with Synergy Properties, David M. Williams worked for two years as a sales associate for another prominent brokerage.  David is a Tampa native and a resident of South Tampa. He is a graduate of Plant High School and The University of Florida.

Net Lease Commercial Advisory has experienced growth despite a challenging real estate market.

Net Lease Commercial Advisory, Inc focuses on the sale and brokerage of net-lease, single tenant, and sale-leaseback investment properties and general commercial real estate services in the Greater Tampa Bay area. The company is headquartered in a historic office building in the heart of Downtown Tampa.  For more information please visit their Web site: www.floridatriplenet.com

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