Compark 75, a Class A industrial park off Wesley Chapel Boulevard, is under new ownership, according to a news release from Cushman & Wakefield.
The real estate services company negotiated the sale of five buildings at the park to MDH Atlantic Acquisitions LLC. The Atlanta-based real estate investment company has more than 11 million square feet of properties in the southeastern United States.
Rick Brugge, executive director of Cushman & Wakefield; Mike Davis, vice chairman; and Michael Lerner, executive director, negotiated the sale as part of Cushman & Wakefield’s Capital Markets team. They represented HR Pasco LLP, and closed the deal in November.
The sales price was not made available.
According to the news release, Compark 75 is the only Class A facility currently serving the northeast Tampa Bay area, including north Hillsborough and south Pasco counties.
“It tends to attract very good leases and a high quality of tenants,” said Brugge, president of Cushman & Wakefield.
Compark 75 has about 286,000 square feet in five small-bay, light industrial buildings. The buildings are about 91 percent occupied, with about 26,000 square feet available for lease.
The space could be suitable for two to three new tenants, said Brugge.
Current tenants include the Pasco County Tax Collector, U.S. General Services Administration, Ortho Technology, Morgan Auto Group and Streetside Classics.
The 165-acre site is zoned industrial, and is suitable for warehouse, manufacturing and office uses. About 105 acres is a wetlands and conservation area.
The five buildings were built between 2007 and 2016, using “tilt-wall” construction, where concrete panels are poured on site and later tilted into place. Suites range from 3,300 square feet to more than 41,000 square feet. Features include rear-loading docks, 18-foot to 24-foot clear heights, early suppression fire sprinkler systems and 118-foot truck courts.
While the park is largely leased to tenants, two industrial condominiums under private business ownership are located at Compark 75. They weren’t included in the sale.
The Pet Lane mailing address for Compark 75 puts it in Lutz, but the 165-acre site is located off County Road 54 (Wesley Chapel Boulevard), about halfway between the interchanges of State Road 54 and State Road 56, with Interstate 75.
Suncoast Parkway is about 12 miles to the west. And, the Tampa Aero Park is on the park’s northern boundary.
The park provides diversity to the central Pasco area, which is booming with residential and retail development, such as The Shops at Wiregrass, Estancia, Bexley, and Tampa Premium Outlets.
In 2014 owner Larry Morgan launched a $15 million expansion of the privately-developed park. Morgan is the founder of Tires Plus, and his family-owned business has several automobile dealerships. Gov. Rick Scott attended the groundbreaking ceremony for the expansion.
The construction marked the first major investment in commercial office construction in Pasco County since the real estate crash in 2008.
Published January 10, 2018
