Phelps Represents Cardinal Point in $47M Sale of Tampa Office Property

Phelps represented Cardinal Point Management in its $47.1 million sale of 580 Corporate Center, a six-building light industrial and office complex near Tampa. The transaction went into effect on Oct. 4, 2019.

The sale of the approximately 376,600-square-foot asset showcases Tampa’s growing demand for industrial space and real estate.

Occupying 20 acres 15 miles outside downtown Tampa, 580 Corporate consists of two flex buildings, two industrial buildings and two office structures. The buildings, developed between 1985 and 2002, vary in size from 21,000 to 120,500 square feet. Tenants include Konica Minolta, The Nielsen Co., Paragon Water Systems and Change Healthcare Inc.

The Phelps team was led by partner Josh Podolsky and counsel Derek Larsen-Chaney.

Cardinal Point is an investment and property management firm focused on commercial real estate opportunities in the state of Florida. Real estate firm JLL Capital Markets orchestrated the sale and arranged $31.8 million in financing for the buyer, Adler Real Estate Partners.

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