Jim Engelmann of Commercial Partners Realty represented the buyer, NAAM Property Management, in the purchase of the Bayshore Annex Building, located at 1001 S. MacDill in Tampa FL. The 2,735 SF building sold for $3,550,000.
The multitenant office building in South Tampa is located just a few blocks away from Palma Ceia Country Club. The building’s unique floorplan would allow multiple tenants to operate independently as well as utilize a common space.
Jim Engelmann is a land, office, and investment specialist in the Northern Tampa Bay and Pasco County markets. By leveraging CPR’s research capabilities and local expertise Jim is armed with the most current market data. Key areas of focus include site selection and demographic analysis for ALFs, multifamily and self-storage uses as well as vacant land disposition. He is a dedicated customer advocate who works hard to negotiate the best possible deal for our clients.
View other recent transactions from Commercial Partners Realty here.
Broker Scott Clendening of Commercial Partners Realty represented the seller, BridgePoint Church in the sale of an 11,312 SF office building located at 6735 Crosswinds Dr., St. Petersburg FL for $2,250,000.
The Tyrone area office building featured in a recent St. Pete Catalyst article was sold to private investors. Located adjacent to the Tyrone Square Mall and will be a great fit for future financial, legal, or professional use.
Scott Clendening has specialized in the Central Florida Industrial market since 1985, selling hundreds of acres of land and handled transactions on over a million square feet of commercial/industrial buildings in his career. In addition to being broker and president of Commercial Partners Realty, he is a founding member of the Florida Gulfcoast Commercial Association of Realtors (FGCAR) and a Past President.
See other recent transactions from Commercial Partners Realty here.
David Culligan of Commercial Partners Realty and Jon Slater of Lincoln Property Company represented Peltz Shoes in the sale of a 60,000 SF building situated on a 4.39-acre site to Private Label Skin Care, for $4,725,000.
Founded by Chris and Gayle Estey, Private Label Skincare Florida currently based in Dunedin, FL, began as a small startup company in 2011 and has since rapidly expanded. Private Label’s recent growth and procurement of the 60,000+ Square foot building is expected to bring new jobs to the area ranging from warehouse and manufacturing to executive-level positions. Career opportunities with Private Label Skincare can be found on their website.
The office/warehouse building located at 10900 US Hwy 19N in Mid – Pinellas County is only 7 minutes from I-275 and 20 minutes from Downtown St. Petersburg, Downtown Clearwater, and the Tampa International Airport. The 60,119 SF property consists of 13,024 SF of office space and a 44,585 SF climate-controlled warehouse, giving Private Label the space it needs to grow.
Commercial Partners Realty is a full-service Tampa Bay Commercial Real Estate firm, specializing in Office, Industrial, Retail, Land and Investment leasing and sales. David Culligan has over 25 years of experience in commercial real estate. Specializing in Office and Industrial real estate, David operates out of the firm’s Tampa Office.
Commercial Partners Realty (CPR) is pleased to announce that Kevin R. Yeager has joined our team as Vice President, Commercial Services.
Kevin joins the CPR team after a decade at Colliers with a background in office, retail leasing, and tenant advisory services. CPR commercial services division focuses on partnering with national, regional, and local clients to assist them in achieving their business strategies. Kevin has been in the commercial real estate business for over 20 years, with a primary focus is on tenant and landlord representation, investment sales, and owner/user transactions.
A graduate of Eckerd College with a degree in International Business, with concentrations in Finance & Banking. As a Florida licensed real estate broker and 2021 President of the Florida Gulf Coast Association of Realtors (FGCAR), Kevin’s market knowledge and experience with all sectors of commercial properties make him an invaluable asset to his clients.
Kevin has been deeply involved in the community for many years. He has served for the past decade in the Northeast Exchange Club of St Petersburg, Florida District Exchange, founded the Harbor Exchange Club, and is a member of the St. Petersburg Chamber of Commerce, Leadership St Pete (Class of 2015) Alumni Board and Planning Committee, St Petersburg Yacht Club, as well as many other organizations throughout the Tampa Bay area.
Commercial Partners Realty is proud to announce that our team members received a number of top Awards for 2020.
The Florida Gulfcoast Commercial Association of Realtors (FGCAR) recently announced their annual Pinnacle Awards. Pinnacle Awards are presented in multiple categories for both regional and national firms. These awards recognize the area’s top commercial realtors, and we are honored to be among the recipients.
Commercial Partners Realty brokerScott Clendening was awarded three awards at the FGCAR Annual Pinnacle Awards Ceremony. Receiving awards for #1 Top Producer in both Office and General Brokerage categories in the Regional division. The Top Producer award is given annually to the agent with the highest transaction volume. Mr. Clendening was also given the #2 Top Producer award in the Regional Investment Brokerage category.
CPR Team memberAustin Karrick received the Top Producer award for the second highest transaction volume in Regional Industrial Brokerage.
Frank Bozikovich received the award for the third highest volume in Retail Brokerage, in the Regional division.
Erik Anderson, Daniel Quarles and Jim Engelmann each received FGCAR’s multimillion dollar producer award.
We would like to congratulation the CPR Team and all other 2020 pinnacle award recipients for their achievements in 2020. We look forward to another productive year in 2021.
FGCAR is an industry group comprised of over 400 licensed agents and affiliate members who participate in the sale and lease of commercial real estate in the Tampa Bay market. They provide a broad range of benefits and services to area realtors and associate members, and a make a positive impact in governmental affairs. You can learn more about FGCAR here: https://www.fgcar.org/
Commercial Partners Realty, Inc. is pleased to announce that Kerra Almy has joined our team as an Administrative Assistant. She looks forward to providing support to our agents and clients, applying her marketing and administrative experience.
Kerra joins us with a unique background in marketing, education and entertainment. She has developed programs for MOSI and trained cast members at Disney World and developed marketing promotions for the Lakewood Center for Performing Arts. Kerra is also an accomplished artist whose work is available through a number of online forums.
At CPR we are excited to see what fresh perspectives she can bring to commercial real estate marketing.
Commercial Partners Realty, Inc. is pleased to announce that Ceci Tricoli has joined our team as Vice President, Office Specialist. She looks forward to providing our clients with professional guidance, helping them buy, sell or lease office space throughout the Tampa Bay area.
“We are delighted to welcome Ceci to Commercial Partners Realty. She prioritizes exceeding clients’ goals with technical capacity and strong work ethic. She fits very nicely in the CPR team culture.”
Scott Clendening, CPR’s President and Broker.
Ceci graduated from Saint Leo University with a Bachelors of Science in Business Management and a Masters in Business Administration. She began her career in lease administration for Feldman Equities before pursuing her sales associate license and then broker’s license, becoming Feldman’s VP of Leasing handling their entire Tampa Bay portfolio.
Ceci has managed and leased of over 1.9 million square feet of Tampa Bay office space for the past eight years. She continues to grow in this industry and brings her enthusiasm and extensive experience of the Tampa office market to help CPR’s clients successfully sell, invest or lease their office space.
Commercial Partners Realty has launched a property management division operating throughout the Tampa Bay region. Commercial Partners Property Management is committed to providing clients with expertise that comes from years of practice and advanced training in commercial and investment real estate. Our property managers are passionately committed to integrity, quality and service and look forward to partnering with Tampa Bay property owners to help make their investments work for them.
Commercial Partners Property Management leverages over 125 years of commercial real estate experience from our agents and managers to help landlords maximize the potential of their real estate investments. We provide management services that include rent collection, billing and accounts receivable/payable, detailed and customized reporting, maintenance and property improvement, handling new leasing and renewals and marketing available spaces.
Commercial Partners Property Management is a proud member of the George F. Young corporate family. Our parent company is a full-service professional consulting firm offering engineering, planning, landscape architecture, environmental, and surveying services throughout Florida. Established in 1919, George F. Young, Inc. has been serving the Tampa Bay area and beyond for over 100 years.
The Tampa Bay Office Market is currently in a transition period right now. With many employees working from home or in a mixed office/home scenario employers are working to right-size their work space. While some companies are looking to downsize, others are looking to expand, creating a safer environment for their employees. This has led to an increase in “desk hoteling”, which is the rotation of a desk between employees working in a office/home hybrid situation. We have also seen a shift back to more privatized offices versus the latest trend of open office. These are important trends to follow as it directly impacts how vacancies meet or fall short of market demand. The savvy landlords and brokerages will begin to market their spaces accordingly and those that are aggressive and creative will capture a larger share of this transitioning market.
There were as many as 40% fewer office lease transactions last year compared to 2019, and the overall vacancy rate has risen by as much as 11% across the country. Office vacancy has risen in the Tampa Bay area, but not by 11%, and there are some bright spots in our future.
Home sales and prices have been on the rise in Tampa Bay. Homebuyers moving from California and New York have been flocking to Florida to escape the ravages of the Pandemic. This influx of people will of course include traditional office workers, meaning that as we transition to the new normal working environment, there will be more demand for office space than there was before the Pandemic began.
With strong belief the economic downturn would recover quickly once vaccinations began being distributed, landlords have been slow to reduce their asking lease rates. In lieu they have been offering added incentives in order to attract new and keep existing tenants. Free rent, reduced charges for parking, and larger tenant improvement packages are some of the ways landlords have attempted to capture tenants.
We saw a similar trend in 2009 and 2010, and many office tenants were happy they pulled the trigger on longer term leases while the market was weak. This could be a perfect time for an office tenant to take advantage of the market again. As in 2009 and 2010, this current leasing and sales market will not last forever.
Some surveys have shown that up to 56% of employees working from home are experiencing remote burn out. The persistent virtual meetings, lack of productive group collaboration, and the struggle to separate home from work is driving excitement to go back to the office. There they won’t have to worry about the cat jumping on their laptop, or the unlucky angle that captures their significant other in a compromising position, or the noise involved in a home full of pets and family.
Now is the time for office users to take stock of what kind of space they’ll need in a post pandemic atmosphere, and to take advantage of the current office market. It’s time to lock in lease rates and incentives before the world gets back to reality and rates go up while the incentives slip away. For any further questions or if you are looking for guidance, Call Us! Our number is 727-822-4715.
Erik is an office and industrial specialist focusing on St. Petersburg and Mid-Pinellas County. His experience in property management as well as leasing and sales expertise allows Erik to provide a full range of services to our customers.
The Tampa Bay industrial market is one of many nuances. There are some systematic similarities, but as real estate goes, location makes a difference.
As a whole, the industrial market has continued to see strong growth as increased demand has resulted in higher property values and lease rates. As a result, new construction has continued throughout the region with most new products geared towards the institutional-grade building types, which is generally defined as tilt wall, large-scale developments geared towards large regional or national tenants. With interest rates still low and financial institutions still willing to fund industrial deals, the sales market has become extremely competitive.
Hillsborough County is home to two robust industrial cores: the East Tampa and Airport markets. These two areas combine to total over 75 million square feet of inventory and with just over 5.6 million vacant or a single digit vacancy rate of 7.46% the sales prices and lease rates have continued to climb. Institution-grade warehouses have been trading above the $100 psf threshold with A/B grade masonry buildings trading at $80-95 psf and metal buildings topping out at an average of $70-85 psf. Manufacturing NNN lease rates are around $8.00 psf, flex properties at $11.00 psf and storage warehousing at $5.65 psf.
Jumping across the bridge to Pinellas County the trends continue, but the numbers differ slightly. Pinellas has three industrial markets, the South, Mid and North Markets. The Mid-Pinellas market is the largest at over 25 million sf, followed by the South at 5.7 million and then the north at 5.3 million. The vacancy rates for each are as follows: Mid – 6.6% South – 9.2% and North at a historic low of <1%. NNN lease rates are detailed for each market below:
Manufacturing – $6.25 psf
Flex – $11.30 psf
Storage Warehouse – $5.50 psf
Manufacturing – $6.35 psf
Flex – N/A
Storage Warehouse – $5.00 psf
Manufacturing – $10.00 psf
Flex – $12.75 psf
Storage Warehouse – $8.10 psf
In regard to Pinellas industrial sales, the property values mimic much of the same values seen in Hillsborough, with some new construction block buildings being sold for over $115 psf. The tight market has made bidding on sales listings highly competitive and properties are being sold routinely over asking price.
On the investment side, industrial buildings have typically traded for double digit cap rate returns, however in the recent years those rates have compressed. Industrial investment deals are now trading in the 7.5-9% range, dependent upon type of structure, lease terms, and quality of tenants.
With the shift of online retail and the consumer need to have their goods in the fastest means possible, last-mile distribution and the manufacturing of these items will continue to drive demand and we may continue to see values climb for our regional industrial properties. The scarcity of land and limited resources to build new buildings will work to only push existing structures’ values higher.
Our agents are licensed professionals that specialize in searching, evaluating and negotiating the purchase and lease of industrial and flex property. We have an extensive track record of done deals and satisfied clients. Call us today.