Tampa Bay, the nations top growth market, continues to raise the bar with an office sale soaring 28% over the area’s average price per square foot.
BICSI, the global leader in ICT education, certification, and standards, recently benefited from this scenario with the sale-leaseback of their world headquarters at 8610 Hidden River Parkway in Tampa, Fla.
With BICSI offering a new lease that stabilized 72% of the 44,046-square-foot building, investors submitted competing bids that ultimately sold to North Port Park of Commerce LLC for $11,200,000, or $254 per square foot. CoStar Group, the world’s leader in commercial real estate information, puts Tampa office sales at an average of $198 per square foot.
“It was a multiple-bid scenario that ultimately sold over the asking price,” said LandQwest Broker of Record, Cynthia Shelton, CCIM, CRE who, along with Adam Palmer, CCIM, SIOR, represented the Seller in the transaction. “Since BICSI would be its anchor tenant for the foreseable future, it was critical that we simultaneously identify the strongest offer and most suitable landlord.”
LandQwest was “tremendously helpful in evaluating the different offers received and the characters of the Buyers,” said BICSI Executive Director and CEO, John Daniels CNM, FACHE, FHIMSS. He added that “this led to a much smoother sale process and great outcome all around.”