TAMPA, Fla. (Oct. 13, 2021) – Bridgewater Commercial Real Estate announces the sale of 1101 N. Ward St., an investment property in the heart of Tampa’s Westshore Business District.
Bridgewater Commercial’s Shane Billings represented the buyer for the 27,315-square-foot flex building that sold for $5.95 million. The incoming capitalization rate is 7.3 percent.
“I had searched for investment properties since 2017 for my client and the first day this deal hit the market I presented it and we were off to the races against two other prospects. The property is in a great location — close to the airport — and a new lease commenced in January with a strong tenant. The building has been gutted and renovated, which includes a new roof and HVAC system in the warehouse, and there are two additional parcels providing extra parking,” Billings said.
The cash transaction closed in 45 days.