JV Partnership Acquires 15-Building Tampa Flex Property

JLL Capital Markets announced today that it has closed the $31.75 million sale of and arranged $26.25 million in financing for Breckenridge Park, a 15-building, 334,000-square-foot office and flex complex in Tampa, Florida.

JLL marketed the property on behalf of the seller, MLG/PF Breckenridge Investment LLC, which is affiliated with MLG Capital. A joint venture partnership between The Arden Group and Avistone purchased the asset. Additionally, JLL worked on behalf of the borrower to place a floating-rate loan with BlackRock. Loan proceeds will be used to acquire the property and implement a capital improvement plan.

Completed between 1982 and 1998, the complex is leased to a diverse mix of local and national tenants, the largest of which occupies 11.8% of the GLA. Breckenridge Park is situated on 30 acres at Breckenridge Parkway in eastern Tampa, near multiple major Central Florida thoroughfares, including Interstates 4, 75 and 275, U.S. Route 301 and the LeRoy Selmon Expressway, all providing access to Florida’s largest metro areas, along with several major MSAs in the southeastern United States.

The JLL Capital Markets Investment Sales team representing the seller included Senior Director Bret Felberg, Senior Managing Director Jeff Morris, Managing Director John Dunphy and Associate Peter Cecora.

The JLL Capital Markets Debt Placement team representing the new owner was led by Director Jillian Mariutti, Senior Director Brian Gaswirth and Associates Michael DiCosimo and Drew Jennewein.

“There was a lot of lender interest for this high-quality asset due to its industrial component, high performance throughout the market volatility due to COVID and best-in-class sponsorship with The Arden Group and Avistone,” Mariutti said. “The buyers are well positioned to take advantage of the increased demand for flex product and ideal market fundamentals of greater Tampa.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

About MLG Capital

Founded in 1987, MLG Capital has created a diverse series of real estate-focused funds aimed at generating generous cash flow and appreciation over time. The company focuses on apartments, industrial, retail and office investments, and employs a value-add private real estate investment strategy with acquisition values ranging from $5 million to $60+ million in the small to mid-cap space. MLG Capital and related entities have acquired more than 24 million square feet of property, inclusive of over 19,300 multi-family units, with exited and estimated current value exceeding $2.5 billion across the United States.

About The Arden Group

Arden Group is a privately held, vertically integrated real estate fund manager, investor, and operator that owns and finances properties across the United States. Since being founded in 1989, Arden Group has managed more than $8.8 billion of real estate assets and acquired and/or developed more than $4.4 billion of properties through joint ventures and discretionary investment funds. Through equity and debt funds, Arden Group is focused on investing in and lending to value-add properties located in larger U.S. markets with demonstrated positive demand factors and historical market resiliency

About Avistone

Avistone is a commercial real estate investment firm specializing in the acquisition and operation of multi-tenant flex/industrial and business parks nationwide. Avistone has acquired and managed more than 3.6 million square feet of industrial space in California, Georgia, Ohio, Texas and Florida.