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JLL Capital Markets (“JLL”) is pleased to exclusively offer the opportunity to acquire Park at Bay Plaza (the “Property”), a seven-building 186,239 square foot office portfolio located in Tampa, Florida. This single-story portfolio provides convenient drive-up access and boasts an above average surface parking ratio of approximately 3.6/1,000 SF. Park at Bay Plaza sits on approximately 13 acres, conveniently located near Tampa’s major transportation arteries, including Interstate 4, Interstate 75, and the Selmon Expressway. The Property’s centralized, commuter friendly location services the 3.2 million people living in the Tampa MSA.
Currently 80% leased to a number of strong local, regional, and national tenants, Park at Bay Plaza is a rare value-add investment opportunity with tremendous upside potential. A new owner will benefit from in-place rents at 11.7% below market average, allowing for tenancy roll to result in higher rental rates. The Property offers unique, flexible layouts for office, medical and flex tenants including roll up doors and executive suites.
UPSIDE POTENTIAL: Average rental rates are currently 11.7% below market rates
VALUE-ADD: 80.2% current occupancy presents the opportunity to lease up over 36,000 SF
FUNCTIONALITY: Perfectly positioned to beneﬁt from the wave of tenants focused on well located, single story suburban office buildings with ﬂexible space availabilities
SUPREME CONNECTIVITY & ACCESS: Well-located in the I-75 corridor with excellent proximity to major interstate systems including I-4, I-75, and the Selmon Expressway
STRONG ECONOMIC METRO DRIVERS: Tampa MSA has been the beneﬁciary of the great migration to Florida, bringing residents and capital to the area