Kennedy Investments is proud to announce our acquisition of an 18K sq. ft. suburban office building in Tampa on August 11th, 2020. Located at 3709 W. Jetton, next to South Tampa’s desirable Palma Ceia & Golf View neighborhoods and just one block from Dale Mabry Boulevard, the 2-story concrete block building sits on one acre with ample parking and access from either Jetton or Morrison. Inside, the building has floor-to-ceiling windows which provide ample light, and a two-story atrium flanked by large conference rooms, renovated break areas, spacious offices, and partitioned cubicle spaces.
A well-known non-profit listed the building for sale after 30 years of ownership. The building was well maintained and in good condition benefiting from a recent roof replacement and exterior repainting. With an all-cash offer of $3M ($166/sf) and expeditious due diligence, Kennedy Investments was able to beat out several other bidders and close the deal in less than a month. The property was capitalized with $3.2M of equity from a combination of co-investors and our KI Florida Fund I and KI Florida Fund II.
A deep knowledge of the South Tampa office market gives us the confidence that this property will be quickly leased up. Although 100% vacant at purchase, this property is ideal for professional office tenants seeking to downsize and relocate from the higher rents and parking costs of shared downtown buildings. The building is well suited for either single or multi-tenant use with minimal improvements.
South Tampa has one of the area’s tightest office markets with a shortage of supply and high barriers to entry. Unsurprisingly, our aggressive initial marketing has already garnered interest. And with a superior location and property condition, we believe the Jetton office building is poised to take full advantage of an office market recovery into 2021.
