Birtcher Anderson & Davis buys Sunstate Business Park eight-building portfolio
Birtcher Anderson & Davis, in a joint venture with Belay Investment Group, has purchased an eight-building portfolio called the Sunstate Business Park for $17.1 million. The buildings total 180,323 square feet of flex/industrial space and are located at the intersection of W Waters Avenue and Sunstate Street in Tampa, 2 miles from Tampa International Airport.
Ryan Vaught, Robyn Hurrell and Nathan Lynch of Colliers International represented the seller, Citimark. The buyer was self-represented.
“Everyone’s chasing infill industrial real estate right now. And given the high barriers to entry in this submarket – with limited availability of existing space and virtually no quality development sites for new construction – acquiring Sunstate Business Park was a great opportunity for the buyer.”
- Ryan Vaught, Executive Managing Director, Industrial Services for Colliers International
The addresses for the eight buildings in the Sunstate Business Park portfolio are 4893, 4895, 4897, 4899 and 4901 W Waters Ave. and 8403, 8412-8434 Sunstate St. in Tampa.
At the time of the sale, the Sunstate Business Park portfolio was 91.1% leased. Among the 26 tenants are Freedom Scientific Inc., Cooper Speed, Calta’s Fitness Center and American Technologies Group.
The buildings feature stock-height and grade-level loading to accommodate various users and recently underwent capital improvements to refresh signage, landscaping and exterior paint. The portfolio is located less than a mile from the Veterans Expressway/State Road 589 and is visible from Waters Avenue, a highly trafficked thoroughfare in Tampa.
Birtcher Anderson & Davis currently owns and manages approximately 11 million square feet of commercial real estate throughout the country. Since October 2020, Birtcher Anderson & Davis and Belay have acquired three portfolios totaling over $110 million. Having sold off over 1 million square feet in Tampa-based assets over the past two years, the Sunstate Business Park is currently the only property Birtcher Anderson & Davis owns in the Tampa Bay market.