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UBS Sells Tampa Office That Is Net Leased to Disney

Costar Image UBS Sells Tampa

JV Pays $16 Million for Hidden River Corporate Park Property

By Nigel Davidson and Justin Sumner
CoStar Research

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

Source: CoStar - view here 
 


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John Gerlach

Executive Managing Director, Investment Services

Clearwater

John Gerlach has been with Colliers International Tampa Bay since 1978 and serves on the Board of Directors as well as the Advisory Council for Colliers International Tampa Bay.  John specializes in selling investment properties and land with a focus on office buildings, industrial/flex properties and land with a need for a specialized marketing plan.  John is instrumental in organizing the office teams for Colliers International Tampa Bay and Colliers International Southeast region.

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