TAMPA, ORLANDO, LAKE MARY AND OLDSMAR, FLA. — A New York-based private equity fund acquired a nine-building portfolio in Central Florida for $77.8 million from a Tampa-based commercial developer. The portfolio consists of approximately 710,500 square feet of Class A industrial/flex and office space. Seven buildings, or approximately 430,000 square feet, is located in the Tampa submarkets of Pinellas County and the airport. Two buildings are located in the Orlando submarkets of southwest Orange County and Seminole County. The portfolio is 99 percent leased. David Metalonis and John Crotty with the Fort Lauderdale based-Colliers Abood Wood-Fay investment sales team sourced and structured the transaction, and Jay Ziv, also of Colliers Abood Wood-Fay, represented the buyer.
Mixed-Use
MEDFORD, ORE. — Medford-based Lithia Motors Inc. has partnered with Medford Urban Renewal Agency (MURA) to develop The Commons, a six-block urban redevelopment project located in Medford. The development will feature Lithia’s new headquarters, as well as several mixed-use buildings that will accommodate commercial office space, retail shops, restaurants and residences. Additionally, the project will feature a parking garage and three new parks for residents and visitors. The $150 million project is slated for completion by 2010. Once completed, Lithia’s headquarters will house 550 employees and seek LEED certification.
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