Newmark Grubb Knight Frank (NGKF) announces the record-high sale of an office and distribution facility in Tampa, Florida. The Linebaugh Center, a 44,000-square-foot Class A building located in the Tampa Airport market, sold for $3.85-million. NGKF Senior Managing Director Rick Narkiewicz represented the seller, Linebaugh Center Partnership, in the sale of the building to Beach Pharmaceuticals, Inc., who currently occupies half of the building. Located at the corner of Linebaugh Road and Henderson Avenue, the building boasts 24-foot high ceilings with a possibility for a mezzanine and abundant parking.
According to NGKF’s latest Central Florida Industrial report, Tampa is enjoying the highest level of occupancy since 2008 - after nine consecutive quarters of demand outpacing supply. Since the beginning of 2015, robust demand has accounted for more than 3.7-million square feet of positive absorption, increasing occupancy to 93.1 percent. Tampa outperformed all other markets in Florida, turning in the strongest positive net absorption. Despite the market’s recent strong performances, the average rate remained below the other major markets in Florida, making it the most affordable in the state.
“There is a lack of quality industrial space available for sale or lease in Tampa and significant barriers to entry, which is driving up sale prices and lease rates,” said Narkiewicz. “However, lease rates are still below their all-time highs and we are suggesting tenants lock in long-term leases while rates are still low.”
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.