Fully leased Tampa office building trades for $38.86M

ORLANDO – Nov. 9, 2022 – JLL Capital Markets announced today that on October 25^th, it completed the $38.86 million sale of 16400 State Route 54, a single-story office building totaling 171,752 square feet in Odessa, Florida.

JLL represented the seller in the transaction. The buyer was FLRE Investors, LLC, an entity with Florida ownership that specializes in relationships with single and dual tenant properties and who has been redeploying capital to Florida.

Fully renovated in 2021, 16400 State Route 54 is a dual tenant building occupied by two long-term tenants, Rasmussen University and Santander Consumer, USA.

The property is conveniently located at the intersection of Suncoast Pkwy (589) and Highway 54, which provides easy accessibility to Downtown Tampa and the Tampa Airport, which is situated approximately 15 miles south of the property. Odessa is a high-growth, rapidly expanding residential and enterprise market in the Tampa MSA, which has seen rapid population growth and currently has more than 17 subdivisions slated for future development.

JLL Capital Market’s Senior Director Robbie McEwan and Directors Michael Brewster and Matt McCormack, along with JLL Tenant Representative Gary Godsey represented the seller in the transaction.

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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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