New York-based Century Fasteners Corp. has sold its Tampa industrial building to Redfearn Capital for $4.8 million and signed a seven-year lease to continue operating there. The transaction lets the manufacturer stay in the 24,777-square-foot facility, located on Tampa West Boulevard, while transferring ownership of the property to the Delray Beach investment firm.
Key takeaways
- Redfearn Capital paid $4.8 million for Century Fasteners’ Tampa property.
- Century Fasteners signed a seven-year lease for the entire building.
- The 24,777-square-foot facility sits on 1.35 acres and has operated as the company’s Tampa location.
The sale was brokered by Colliers. Century Fasteners employs about 270 people companywide, including approximately 30 at the Tampa facility.
A sale with a long-term lease
The arrangement is a sale-leaseback: Century Fasteners sold the property but will remain in place as its tenant. The seven-year lease covers the entire building, allowing the company to continue using the facility without owning it.
Redfearn Capital, a private equity firm based in Delray Beach, purchased the property for $4.8 million. Century Fasteners had acquired the building in 1998 for $412,500, according to Hillsborough County property records.
Tampa facility details
The property is at 5040 Tampa West Blvd., just off Anderson Road between Waters Avenue and Hillsborough Avenue. Built in 1985, the industrial facility includes about 4,000 square feet of office space and 24-foot clear heights.
Its other features include four dock-high loading positions, three-phase power, and parking for automobiles and trailers. The building occupies 1.35 acres.
Company operations
Century Fasteners is headquartered in Elmhurst, New York. The company distributes fasteners and other products to customers in aerospace, defense, medical, automotive, telecommunications, and general industrial markets.
Robyn Hurrell, Kyle Kidd, Tom Quinlan, and Dominic Hewitt of Colliers brokered the transaction.
Sources
- NY manufacturer sells Tampa building, signs new lease to stay, Business Observer.