JV Pays $16 Million for Hidden River Corporate Park Property
Ritz Banc Group and an unnamed partner have paid $16 million, or $250 per square foot, for the Disney Resort Center back office building at 14014 E. Fieldside Place in Tampa, Florida.
UBS Realty Investors sold the building, located in the Hidden River Corporate Park, after holding it for nearly 23 years. The site offers controlled access, ample parking, a fitness center, outdoor seating, on-site restaurant and access to public transit.
The single-story, 64,000-square-foot building was constructed in 1996 on 11.3 acres in the Northeast Tampa submarket of Hillsborough County. It was fully occupied by Disney Resort Center under a triple-net lease at the time of sale, which closed at a 7% capitalization rate.
Ritz Banc Group said its partner is looking to acquire net-leased properties that are fully occupied by credit tenants on a long-term basis. Net-leased properties are generally considered a safer property investment since the tenant pays for the property taxes, maintenance and insurance costs instead of the landlord.
John Gerlach with Colliers International Tampa Bay Florida represented the seller. The buyers handled the deal in-house