Saxum Real Estate Partners Acquires Netpark Office in Tampa
Private Developer Sells 950,000-Square-Foot Mall-Turned-Office Complex
Saxum Real Estate Partners, a New Jersey-based investment firm, acquired a 947,176-square-foot office complex in Tampa, from a private developer for $45 million, or about $47.51 per square foot.
Tampa Office Investors Target Smaller Buildings
The Tampa office market recorded roughly $480 million in total sales volume over the first six months of 2024. And while the overall office investment trend has been towards smaller buildings trading, a significant portion of year-to-date deal volume can be attributed to the $150 million sale of 100 North, a 42-story office tower at 100 N. Tampa St. in the city’s central business district.
4 Ways that Data is Changing the Way We Transact
Due diligence practices are adjusting rapidly as investors examine their target acquisition through modern lenses that affect the way asset information is collected and used, as well as new key KPIs related to long-term asset performance.
What's Changed in CRE Sales Trends
Prices per square foot, cap rates, and occupancies were some of the top trends during May 2024.
Crexi's National Commercial Real Estate Report for May saw some overall positive changes for property owners.
At the top, they saw the asking price per square foot climb by 3.76% across the marketplace, accompanied by a cap rate compression from 6.82% to 6.6%. While that is good news on the surface, asking rents aren't necessarily what tenants pay.
Tampa Industrial Tenants Face Significant Rent Increases
Asking Rents Up Nearly 70% Since 2019
Asking rents averaged less than $8 per square foot in 2019 and are now above $12.60 per square foot on a triple net basis. Industrial asking rents increased an incredible 68% for the Tampa region since the end of the second quarter of 2019, with several areas surpassing even that.
Online shopping has completely disrupted the retail industry, and it continues to hit specialty shops like brick-and-mortar video game retailers.
GameStop, the country's largest video game retailer, is facing headwinds thanks to its e-commerce competitor: downloadable games.
At the start of 2016, I asked myself one question: “How can I make achieving my professional growth goals effortless?” I found the answer was elegantly simple — by focusing on alignment goals.