Tampa’s real estate market is buzzing with activity as two significant transactions have recently closed. Asia Capital Real Estate has acquired the Lola Apartments in Riverview with the help of a substantial acquisition loan, while a large office park, NetPark Tampa Bay, has been sold to Saxum Real Estate Partners. These deals highlight continued investor interest in the Tampa metropolitan area.
Key Takeaways
- Asia Capital Real Estate secured a $42.8 million loan to acquire the 264-unit Lola Apartments in Riverview.
- NetPark Tampa Bay, a nearly 1 million-square-foot office park, was sold for $45 million to Saxum Real Estate Partners.
- These transactions underscore the ongoing investment and development within Tampa’s diverse real estate sectors.
Asia Capital Real Estate Acquires Lola Apartments
Asia Capital Real Estate has successfully acquired Lola Apartments, a 264-unit Class A community located in Riverview, Florida. The acquisition was facilitated by a $42.8 million loan secured through JLL Capital Markets from CIT Group. The property, situated at 9960 Jonas Salk Drive, is a garden-style community delivered in the first quarter of 2019.
Lola Apartments features a mix of one-, two-, and three-bedroom units, averaging 968 square feet. The units boast modern finishes such as stainless steel appliances, island kitchens, balconies, and smart technology. Community amenities include a fitness center, a large clubhouse, swimming pool with cabanas, fire pit, grills, a game room, and a dedicated pet spa and bark park.
The location offers convenient access to downtown Tampa, being approximately 18 miles southeast, and is adjacent to St. Joseph’s Hospital–South. Its proximity to Interstate 75 provides easy travel to other parts of Florida. The property has experienced strong leasing demand, with limited new multifamily construction in the immediate vicinity.
NetPark Tampa Bay Office Park Sold
In a separate transaction, NetPark Tampa Bay, a substantial office park encompassing nearly one million square feet, has been sold for $45 million. The buyer is Saxum Real Estate Partners, a New Jersey-based investment firm making its first acquisition in Tampa. The seller was Bluett Capital Realty.
The office park, located at 5701 E. Hillsborough Ave., occupies a 98.71-acre site and was developed in 1999 on the former grounds of the East Lake Square Mall. It offers a range of amenities including a fitness facility, dining hall, conference center, auditorium, and a daycare facility. At the time of sale, the property was approximately 60% occupied, with a diverse tenant roster comprising both public and private sector firms.
This acquisition marks Saxum Real Estate Partners’ entry into the Tampa market, adding to its extensive portfolio which includes cold storage, industrial space, multifamily units, and student housing.
Sources
- Asia Capital Real Estate Lands $43M Loan for Tampa Acquisition, Multifamily Housing News.
- 1 million-square-foot Tampa office park sold for $45M, Business Observer.