this past tuesday marked a high-point in the tampa real estate market. amazon’s million-square-foot warehouse and fulfillment center in ruskin (zip code 33570) was sold for a whopping $103.6 million to a phoenix-based real estate investment trust (cole office & industrial reit ii). this is equivalent to roughly $100/sqf, making this deal the largest that the tampa area has seen on an industrial property, both in scale and cost. tampa’s real estate markets have recently been experiencing increases in property values in various asset classes following a growing trend found in active markets across the state. in miami and other prime south florida markets commercial properties are experiencing properties as high as $1000/sqf. this deal serves as a yardstick for hillsborough county, especially the tampa area.
the property, purchased in 2013 by usaa real estate co. for amazon to develop a warehouse and fulfillment center, sits on 80 acres. usaa then paid $14.6 million for the parcel, showing a massive roi for the current yield. tampa has been enjoying a resurgence of development with new projects in a variety of asset classes set to break ground as others near completion. with high-demand for tampa’s real estate markets and currently low interest rates, property values are driving up and real estate investors are taking notice. hillsborough and pinellas county have been reporting high-end sales figures this year indicating a growing interest in the tampa bay area and tampa’s real estate markets.
Florida ROI Commercial Property Brokerage, located in the heart of downtown tampa has been brokering commercial real estate deals in tampa and statewide since 2007. the firm also handles property management services along with comprehensive sales and lease packages.
