3221 Cherry Palm Dr - Warehouse FOR SALE


Tampa, FL 33619
$7,960,000 USD
310-897-0809
3221 Cherry Palm Dr, Tampa, FL for Sale
$7,960,000 USD
Warehouse - FOR SALE
1/6
null | 6.55% Cap Rate

3221 Cherry Palm Dr
Tampa, FL 33619


OVERVIEW

INVESTMENT-GRADE CREDIT (S&P: A-) – AMPHENOL CORPORATION (NYSE: APH): The lease is fully guaranteed by Amphenol Custom Cable’s parent company, Amphenol Corporation — an S&P A- rated, publicly traded company with an approximate $180B+ market capitalization. Amphenol is a global leader in interconnect solutions with operations in 100+ locations across six continents, providing investors with secure cash flow backed by a highly rated corporate guarantor. NEWLY EXECUTED LEASE EXTENSION / STRONG 4% ANNUAL INCREASES: Amphenol Custom Cable has operated out of the subject facility since 2008 (18-year operating history) and recently executed a new 5-year lease extension, demonstrating its long-term commitment to this location. The Industrial NNN lease features favorable 4.0% annual rent increases along with a 2.5% management fee paid by the tenant (±$13K annually), providing investors with a strong hedge against inflation. BELOW MARKET RENT / FAIR MARKET VALUE OPTION: Amphenol is paying below market on their current rental rate at just $13.50 PSF. This provides investors with a compelling mark-to-market opportunity, particularly given the favorable Fair Market Value renewal language in the lease. FUNCTIONAL INDUSTRIAL FACILITY / INFILL TAMPA INDUSTRIAL CORRIDOR: This functional ±38,624 SF concrete industrial manufacturing facility features ±18,678 SF of warehouse space, ±7,820 SF of climate-controlled manufacturing space, and ±12,492 SF of office space. The building is also equipped with four (4) dock-high doors, two (2) ramps, and a new 60-mil TPO roof installed in 2019. The subject property is located at the center of a dense infill industrial pocket of Tampa – one of the fastest growing and top-performing industrial markets in the U.S.

FOR SALE DETAILS

PRICE

$7,960,000 USD

PRICE/SF

$206 USD /SF

CAP RATE

6.55%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Industrial

PROPERTY SUBTYPE

Warehouse

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1988

UTILITIES

-

CLEAR CEILING HT

14 Ft

DOCKS

4

DRIVE INS

-

PARKING SPACES

10

LAND DETAILS

LAND ACRES

3.94

LAND SF

171,626

ZONING

M

APN/PARCEL ID

U-07-29-20-28D-000007-00002.0

ASK ABOUT THIS PROPERTY

Brett DavisMatthews Real Estate Investment ServicesMore Info
310-897-0809

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Brett DavisMatthews Real Estate Investment ServicesMore Info
310-897-0809

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.