Miami-based real estate investment firm Torose Equities, in partnership with Merrimac Ventures, has closed on the $31 million acquisition of 6302 Corporate Center in Tampa. The approximately 350,000-square-foot property sits on 50 acres strategically located in the path of growth in East Tampa and will generate a strong going-in yield for Torose’s investors with the ability to increase returns through additional lease up. The deal closed on January 18.
6302 Corporate Center marks the first acquisition since seasoned real estate veteran Scott Sherman launched Torose in late 2022. Torose focuses on a value-add urban retail, office and mixed-use strategy targeting the Southeastern United States.
“I am very excited to add 6302 Corporate Center to our growing portfolio,” said Scott Sherman, Founder & Principal of Torose. “While others remain on the sidelines in this uncertain environment, we continue to adhere to our contrarian approach and see opportunities in the value-add office and retail sectors. This asset is a great long-term cash-flow play, but the site also provides long-term optionality for future development. We are proud to partner with Merrimac Ventures on this acquisition and look forward to announcing several other deals in the pipeline shortly.”
The property is a well-maintained, premier office complex strategically located at one of Tampa’s most critical transportation junctions and just ten minutes from downtown Tampa. Originally developed in 1984 as an outlet mall, the property was converted in 1998 to its current use as a multi-tenant office complex. The sprawling 50-acre campus features two lakes, visibility from I-4, newly renovated common areas, an atrium lounge, large floorplans and on-site security. Because of its accessibility, the property draws employees from the entire Tampa MSA and neighboring Polk County. In the past year, the office building has experienced nearly 95,000 square feet of leasing volume. Current tenants’ spaces range in size from 3,000 to 81,000 square feet, highlighting the building’s ability to accommodate businesses of all sizes.
“6302 Corporate Center is a unique asset, given its size and location,” said Dev Motwani, who leads Merrimac Ventures along with his brother, Nitin Motwani. “This was an excellent opportunity to acquire a property that further diversifies our real estate portfolio and provides future flexibility for growth. We appreciate our partnership with Torose and look forward to further strategic acquisitions in the future.”
Forbes recently ranked Tampa as the best place to live in Florida, with an estimated 115 people moving to the region daily. In the last five years alone, over 196,000 new people have relocated to the Tampa-St. Petersburg Metropolitan Area (MSA), bringing the current population to over 3.2 million. The strong in-migration has fueled a development boom, making the city even more attractive to its growing employment base. According to Yardi Matrix, the job market in Tampa expanded by 5% (76,200 positions) from July 2021 to 2022, 50 basis points above the national rate.
