WESTSHORE LOGISTICS CENTER

A Joint Venture between a high net worth individual and Equitable Real Estate Partners acquired a formerly abandoned industrial building strategically located immediately adjacent to the Tampa International Airport.  The building’s were completely renovated and backfilled with long term leases.  The 168,000 SF warehouse and distribution center was acquired for $16.3 million in 2018. The property was acquired with an initial equity contribution of $6.8 million. Equitable Real Estate performed property management, asset management, lease administration, accounting, financial reporting and several additional services throughout the acquisition, hold, and strategic disposition of the asset.

The partnership exited from the deal in 2022 and sold the property for $29.6 million to AtCapPartners, a real estate asset management company focused on institutional quality office and industrial assets in primary and secondary markets, with a focus on the Southern and Central United States. The deal returned a 30.1% deal-level IRR and 2.85x multiple to the partnership.