341 s plant ave - the historic anderso… · 2019. 4. 26. · lately, office demand has...
TRANSCRIPT
341 S Plant Ave - The Historic Anderso…
PREPARED BY
Vincent Simonetti
Senior Advisor
Underwriting Report
7,078 SF Office Building
SUBJECT PROPERTY
Property Details 2
MARKET SUMMARY
South Tampa Submarket Summary 5
Tampa Market Summary 6
Tampa Economic Summary 7
PEER PROPERTIES
Peer Properties Summary 11
Peer Property Photos 13
Peer Property Comparison 14
Peer Property Details 18
LEASING ANALYTICS
Vacancy Analytics 22
Rent Analytics 28
Absorption Analytics 30
Leasing Analytics 31
LEASE COMPS
Lease Comps Summary 34
Lease Comps Details 36
CONSTRUCTION
Overall Construction Summary 38
Tampa Construction 39
South Tampa Construction 40
Construction Activity 43
Under Construction Summary 48
Under Construction Details 50
Completed Construction Past 12 Months 52
Deliveries Past 12 Months Details 54
SALE COMPS
Tampa Investment Trends 58
Sale Comps Detail 62
Sales Volume 72
Sales Pricing 73
Cap Rates 75
Table Of Contents
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Top Buyers & Sellers 76
DEMOGRAPHICS
Overview 79
APPENDIX
Historical Leasing Data 81
Historical Construction Data 83
Table Of Contents
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Subject Property
341 S Plant Ave - The Historic Anderson HouseTampa, FL 33606 - South Tampa Submarket
PROPERTY
Type: Class B Office
Yr Blt/Renov: 1901/2001
Property Size: 7,078 SF
Stories: 3
Typical Floor: 2,359 SF
Parking Spaces: 20: 2.83/1,000 SF
LOCATION
Walk Score®: Very Walkable (75)
Transit Score®: Good Transit (51)
EXPENSES PER SF
Taxes: $2.75/SF (2018)
OWNER
Fiss, Herbert W. Jr., P.A.
Purchased 7/14/2015
Price $1,300,000; $183.67/SF
VACANCY
Current:
Last Quarter:
0.0%
0.0%
Year Ago: 0.0%
Peers: 2.3%
Submarket 2-4 Star: 2.0%
GROSS ASKING RENT PER SF
Current:
Last Quarter:
$37.37
$37.37
Year Ago: -
Peers: $26.86
Submarket 2-4 Star: $26.12
12 MO. LEASING SF ACTIVITY
Subject Property:
Peers Total:
0
25,112
Peers Avg: 5,022
Submarket Total: 221,265
Submarket Avg: 249
AMENITIES
Fireplace, Hardwood Floors, Natural Light, Reception, Security System, Signage
AVAILABLE SPACES
Currently No Available Spaces
Tenant # Emps Move Date Exp DateFloor SFIndustry
KEY TENANTS
Fiss, Herbert W. Jr., P.A. 2 Jul 2015 -5,7631-3Law Firms
The Reserves Network 5 Sep 2013 -7501stBusiness Services
CoStar Research Moving Out Moving In My Data Shared Data
NOTES
This historic property is located in an eminent area in close proximity to downtown Tampa. It is newly renovated and features private gardens and afountian.
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Page 2
Subject Property
PRIMARY LEASING COMPANY
Fiss, Herbert W. Jr., P.A.
fissfights.com
Tampa, FL 33606
341 S Plant Ave
(813) 258-1133
Herbert W. Fiss
Owner
(813) 258-1133
TRUE OWNER
Fiss, Herbert W. Jr., P.A.
fissfights.com
Tampa, FL 33606
341 S Plant Ave
(813) 258-1133
Herbert W. Fiss
Owner
(813) 258-1133
RECORDED OWNER
Herbert W & Ellen C Fiss
fissfights.com
Tampa, FL 33606
341 S Plant Ave
(813) 258-1133
PROPERTY MANAGEMENT
Fiss, Herbert W. Jr., P.A.
fissfights.com
Tampa, FL 33606
341 S Plant Ave
(813) 258-1133
Herbert W. Fiss
Owner
(813) 258-1133
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341 S Plant Ave - The Historic Anderso…
PREPARED BY
Vincent Simonetti
Senior Advisor
Market Summary
7,078 SF Office Building
South Tampa Submarket SummarySouth Tampa Office
South Tampa maintains one of the lowest vacancy ratesamong Tampa submarkets. Additionally, fundamentalshave tightened to roughly 50 basis points above the all-time low thanks to consistent demand and littlecompetition from a lack of construction. The tightfundamentals have allowed a healthy annual rent growthrate, currently one of the highest of Tampa submarkets.There are likely market checks and balances on howaggressively landlords can push rents, due to the amountof nearby available office space in the large officeemployment CBD submarkets.
The submarket encompasses largely the peninsulajutting out into Tampa Bay, and is home to MacDill AirForce Base, as well as many of the metro's most well-known residential neighborhoods such as Hype Park andDavis Island. In addition, it is home to a sizable andthriving office market, though with one of Tampa'ssmaller overall submarket inventories.
Nearly all of the South Tampa inventory is aging, 3 Staror below buildings. Perhaps the primary draw is a primegeographic location for tenants not needing 4 or 5 Star ortrophy-class space such as that in the nearbyWestshore, Downtown Tampa, and Downtown St.Petersburg submarkets.
There is limited investment activity in South Tampa,though it has picked up lately, including an all-time salesvolume in 2018. Even with the increased activity, thesubmarket is not particularly liquid and tends tocommand a lower price point due to the older andtypically lower quality properties that trade.
The majority of transactions are value-add, such aswhen Grand Central Place sold in August 2018 for $8.5million. The 2 Star nearly 37,000 SF building was co-purchased by a local firm and another based out ofMiami, who plan significant renovations to the property.
NET ABSORPTION, NET DELIVERIES & VACANCY
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Tampa Market SummaryTampa Office
Tampa’s office market is fundamentally sound andeffectively in equilibrium. In 2018, the average vacancyrate reached the lowest mark ever recorded and has onlygently risen over recent quarters. Additionally, annualrent gains are among the best in the nation.
The tenant base is strong and dominated by financialservices, with a heavy concentration of office-usingemployment in back-office operations and business-services firms. Lately, office demand has increasinglyfavored financial services, even by Tampa's historicaltrends. Over the last twelve months, 98 percent of office-using employment has consisted of financial activity jobgrowth.
The metro's strong economic ties to the financial sectorand medicine provide significant fuel for a consistentlystrong office demand pool. Tampa also benefits fromsome of the nation's best population growth and below-average business costs, which further stabilizes officedemand.
Record low vacancies have allowed landlords to pushrates somewhat aggressively over recent quarters. In2017, average asking rents finally emerged from the
Housing Bust shadow and have stayed aboveprerecession peaks since then.
Despite the positive indicators, developers haveremained wary of the Tampa market, which has beenone of the lowest construction metros in the nation thiscycle as a measure of percent inventory added. This islikely due to long memories of a metro that was hitparticularly hard by the recession.
However, the metro appears set to begin a wave of officeconstruction in 2019, including numerous largespeculative projects that could add millions of square feetin upcoming years. Among the expectedgroundbreakings are 1001 Water Street and MidtownTampa. Heights Union, a 300,000 SF office mid-riseproject spread across two buildings, recently brokeground and also successfully signed coworking giantWeWork to a 50,000 SF lease.
Investor activity is booming, with each of the past fiveyears experiencing over $1 billion in total sales volume,though sales slowed somewhat in 2018. While pricing isstill increasing and caps generally compressing, both areshowing sings of flattening over recent years.
NET ABSORPTION, NET DELIVERIES & VACANCY
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Tampa Economic SummaryTampa Office
Tampa’s overall economy is booming, with both job andpopulation growth rates exceeding the national average.The average working age population growth over the lasttwo years has been roughly three times the nationalaverage. With a relatively flat natural population growthrate over recent years, Tampa has become increasinglyreliant upon in-migration to fuel the robust economy. Infact, since 2013, 99.7% of all new household formationhas come from in-migration. New residents are drawn toTampa's robust employment opportunities, relativelyaffordable housing, climate, and overall comparativelylower cost of living than in typically-sized metros.
In addition to a strong domestic migration, internationalmigration has become an increasingly significantcontributor to the in-migration and currently accounts for30 percent of the total. While a boon to new householdformation, the high level of international migration doesplace an increasing level of risk exposure on Tampa topolicy changes or macroeconomic events that mightstem the flow of immigrant workers. Though thepopulation has been growing rapidly in Tampa fordecades, the metro has struggled historically to bring inthe prime renting cohort of 20 - 34 year olds. However,that is changing in recent years as this segment hasgrown at roughly twice the national average. WithTampa's continued push to become a more urban,walkable metro, the market should continue to getyounger and compete more favorably with other popularmillennial migration destinations.
Tampa's economy is historically driven by the office-using employment aggregate, primarily in financialactivities and professional and business services, as wellas significant employment nodes in leisure andhospitality, retail trade, and education and healthservices. Over the last two years, much of the job growthhas centered on financial activities, construction, andleisure and hospitality. Although Tampa has a well-earned reputation as home to a significant concentrationof financial back-end operations and call centers, themajority of recent financial activities job creation hasbeen focused on traditionally high-wage jobs.
Much of the recent construction jobs stem from Tampa'scurrent heavy multifamily build period, the largest supplywave the metro has seen since the 1980s. Althoughconstruction has been booming in Tampa for the last fouryears, there could be room for additional growth with arobust proposed pipeline in the office, industrial,residential condo, and hospitality sectors.
Tourism is a huge economic driver of Tampa's economy.Tourism activity has ramped up with four consecutive fullyears of positive growth, something not seen since thelate 1990s. In the most recently-released calendar yearfigures, a record 22.6 million people visited Tampa andthe Hillsborough County area, according to Visit TampaBay. Taxable hotel revenue has also been pouring in,with 2017's record-setting bed taxes qualifyingHillsborough County to join neighboring Pinellas Countyas one of only nine high-impact tourism counties in thestate of Florida. Perhaps even more impressive was howHillsborough achieved this status, as the other eightcounties include direct beach access or are home totheme parks such as Disney World or Universal Studios.
Part of the increase in tourism can be attributed to thecity's expanding presence housing major sporting events,such as the 2017 College Football Playoff NationalChampionship. The majority of the week-long festivitiescentered on the Tampa Riverwalk, which has been ahotbed of development - many cranes building luxuryresidential towers dotted the skyline throughout thetelevised broadcasts. Other examples of Tampa'sincreased sports visibility include hosting the 2018 NHLAll-Star Game and the recent move of Super Bowl LV toTampa in 2021.
Median home prices fell sharply during the recession andhave not rebounded to their prerecession peaks.Accordingly, this makes homeownership relativelyaffordable in Tampa. Corporate relocations andexpansions are common in Tampa, such as Fortune 500firm Mosaic's recent announcement they were relocatingtheir corporate headquarters to Tampa from Plymouth,Minnesota. Though the recent job gains are net positive,there have been some large job cuts announced, suchas T. Rowe Price Group closing their Tampa operationscenter and relocating or eliminating 400 employees andSyniverse laying off roughly 300 employees.
Port Tampa Bay, the state's largest by both tonnage andland, is critical to not just the Tampa economy but that ofall Central Florida. In addition to the thriving cargoshipping industry, the port is a significant source ofcruise departures with nearly one million passengerseach year. Port Tampa Bay has also benefited from newcruise lines to Cuba, which played a large role in theport's record-setting operating revenue in fiscal year2017. Port Tampa Bay has also approved a $55 millionplan to make room for larger ships in the channel bywidening it from 200 feet to 250 feet and increasing thedepth from 34 feet to 43 feet. A significant portion of the
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Tampa Economic SummaryTampa Office
funding will be provided by the FDOT and the U.S. ArmyCorps of Engineers. The project is expected to becompleted by 2019.
The Tampa metropolitan area is home to twointernational airports, both growing at record paces.Tampa International Airport (TIA) served a record 21million passengers in fiscal year 2018. This stronggrowth has also helped both consumer-driven retail and
leisure and hospitality maintain their status as two of thekey employment sectors in the overall job market. TIA isalso in the midst of the $2 billion Gatewayredevelopment project, which in addition to expandingthe terminal will also add hotels, office and retail space tothe market. The St. Pete-Clearwater airport alsoestablished a record-high passenger count in 2018 withover 2.2 million travelers passing through.
TAMPA EMPLOYMENT BY INDUSTRY IN THOUSANDS
NAICS Industry Jobs LQ MarketUS USMarketUSMarket
Current Jobs Current Growth 10 Yr Historical 5 Yr Forecast
-1.41%-1.39%0.17%0.20%1.88%0.43%0.668Manufacturing
0.17%0.26%0.90%1.43%1.08%0.58%1.0250Trade, Transportation and Utilities
0.21%0.27%0.68%1.71%0.11%0.81%1.2166 Retail Trade
0.65%0.97%0.74%2.11%1.41%2.12%1.5118Financial Activities
0.54%0.59%-0.03%-0.17%0.52%-3.21%0.7152Government
1.12%3.13%1.00%1.27%4.43%0.73%1.076Natural Resources, Mining and Construction
1.00%0.92%2.09%2.31%2.18%3.73%1.0218Education and Health Services
1.22%1.85%2.21%3.46%2.73%2.86%1.3245Professional and Business Services
0.00%-0.06%-0.23%-1.65%0.35%-0.50%1.024Information
1.06%1.14%2.29%2.67%2.26%2.67%1.1162Leisure and Hospitality
0.23%0.30%0.80%0.76%1.32%2.42%0.948Other Services
Total Employment 1,362 1.0 1.46% 1.79% 1.73% 1.16% 0.94% 0.58%
Source: Moody's Analytics
LQ = Location Quotient
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Tampa Economic SummaryTampa Office
Source: Moody’s Analytics
YEAR OVER YEAR JOB GROWTH
DEMOGRAPHIC TRENDS
Current ChangeCurrent Level
Metro U.S.Metro U.S.Demographic Category
10-Year Change
Metro U.S. Metro U.S.
Forecast Change (5 Yrs)
Population 328,506,6833,161,013 1.4% 0.6% 1.4% 0.7% 1.4% 0.6%
Households 126,585,7811,290,477 1.8% 1.0% 1.1% 0.8% 1.8% 1.0%
Median Household Income $64,075$57,053 7.7% 3.7% 2.3% 2.2% 4.0% 2.8%
Labor Force 163,153,3361,534,920 0.6% 1.2% 1.6% 0.6% 1.1% 0.8%
Unemployment 3.8%3.1% -0.5% -0.3% -0.7% -0.4% - -
Source: Moody’s Analytics
POPULATION GROWTH
Source: Moody's Analytics
LABOR FORCE GROWTH INCOME GROWTH
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341 S Plant Ave - The Historic Anderso…
PREPARED BY
Vincent Simonetti
Senior Advisor
Peer Properties
7,078 SF Office Building
Peer Properties Summary341 S Plant Ave - The Historic Anderson House
No. Peers
5Gross Direct Asking Rent
$26.86Availability Rate
37.0%Vacancy Rate
2.3%PEER LOCATIONS
PEER SUMMARY STATISTICS
Property Attributes Low Average Median High
Building SF 2,248 13,687 3,276 50,189
Year Built 1900 1905 1908 1908
Stories 2 2 2 4
Typical Floor SF 1,124 4,334 1,638 12,547
Vacancy Rate 8.7% 2.3% 26.0% 43.3%
Availability Rate 8.7% 37.0% 43.3% 100%
Star Rating 2.2
Available Space Attributes Low Average Median High
Space SF 196 5,068 1,750 12,493
Gross Direct Asking Rent Per SF $22.57 $26.86 $26.40 $28.79
Months On Market 1.9 3.2 3.0 5.6
Floor Number 1 1 2 2
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Peer Properties Summary341 S Plant Ave - The Historic Anderson House
Property Name / Address Rating Yr Blt/Renov Bldg SF Stories SF Avail %
Property Size
Spcs
Availability
Vac % Gross Direct Rent
-The Historic Anderson H…
1901/2001 7,078 3 0 0%341 S Plant Ave
0 0% $37.37
-1 806 W De Leon St1908/1985 3,208 2 1,390 43.3%1 43.3% -
-2 1215 E 6th Ave1900/- 9,512 2 9,512 100%1 0% $28.79
-3 2,248 SF :: Office/ Tampa…1901/2002 2,248 2 196 8.7%
313 E Oak Ave2 8.7% $26.81
-4 The Corral Bldg1908/1999 50,189 4 12,493 24.9%
1302 N 19th St1 0% $26.00
-5 113 S Boulevard1908/- 3,276 2 1,750 53.4%1 0% $22.57
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Vacancy 0%
9,512 SF / 2 Stories
Owner: -
Rent/SF $28.79,
1215 E 6th Ave2
Vacancy 43.3%
3,208 SF / 2 Stories
Owner: Avalon House LLC
Rent/SF -,
806 W De Leon St1
Vacancy 0%
341 S Plant Ave
7,078 SF / 3 Stories
Owner: Fiss, Herbert W. Jr., P.A.
Rent/SF $37.37,
Subject Property
The Historic Anders…
Vacancy 0%
3,276 SF / 2 Stories
Owner: Denise Cassedy
Rent/SF $22.57,
113 S Boulevard5
Vacancy 0%
1302 N 19th St
50,189 SF / 4 Stories
Owner: Bay Villa Developers, Inc.
Rent/SF $26.00,
The Corral Bldg4
Vacancy 8.7%
313 E Oak Ave
2,248 SF / 2 Stories
Owner: Jennifer M Meksraitis
Rent/SF $26.81,
2,248 SF :: Office/ Ta…3
Peer Property Photos341 S Plant Ave - The Historic Anderson House
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Property Name / Address Rating Gross Direct Rent Per SF Vacancy Rate
The Historic Anderso…
341 S Plant Ave$37.37 0%
1215 E 6th Ave2 $28.79 0%
2,248 SF :: Office/ Ta…
313 E Oak Ave3 $26.81 8.7%
The Corral Bldg
1302 N 19th St4 $26.00 0%
113 S Boulevard5 $22.57 0%
806 W De Leon St
Average
(Arrows indicate trend over last quarter)
Withheld1 43.3%
2.1%$28.13
Peer Property Comparison341 S Plant Ave - The Historic Anderson House
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Peer Property Comparison341 S Plant Ave - The Historic Anderson House
Property Name / Address Rating Availability Rate Vacancy Rate
1215 E 6th Ave2 100% 0%
The Historic Anderso…
341 S Plant Ave92% 0%
113 S Boulevard5 53.4% 0%
806 W De Leon St1 43.3% 43.3%
The Corral Bldg
1302 N 19th St4 24.9% 0%
2,248 SF :: Office/ Ta…
313 E Oak Ave
Average
(Arrows indicate trend over last quarter)
3 8.7% 8.7%
2.1%42.2%
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Peer Property Comparison341 S Plant Ave - The Historic Anderson House
Property Name / Address Rating Gross Direct Rent Per SF Median Months on Market
The Historic Anderso…
341 S Plant Ave$37.37
1215 E 6th Ave2 4$28.79
2,248 SF :: Office/ Ta…
313 E Oak Ave3 6$26.81
The Corral Bldg
1302 N 19th St4 3$26.00
113 S Boulevard5 2$22.57
806 W De Leon St
Average
(Arrows indicate trend over last quarter)
Withheld1 2
3$28.13
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Peer Property Comparison341 S Plant Ave - The Historic Anderson House
Property Name / Address Rating 12 Mo. Leasing Activity in Thousand SF 12 Mo. Net Absorption in Thousand SF
The Corral Bldg
1302 N 19th St4 25 12
2,248 SF :: Office/ Ta…
313 E Oak Ave3 0 2
The Historic Anderso…
341 S Plant Ave0 0
113 S Boulevard5 0 0
1215 E 6th Ave2 0 0
806 W De Leon St
Average
1 0 (1)
24
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Peer Property Details341 S Plant Ave - The Historic Anderson House
1 1215 E 6th AveDistance to Subject Property: 1.7 Miles
PROPERTY
Type: Class C Office
Yr Blt/Renov: 1900
RBA: 9,512 SF
Stories: 2
Typical Floor: 4,756 SF
COMPARISON SUBJECTTHIS PROPERTY
Vacancy %: 0% 0%
Available SF: 9,512 6,514
Gross Ask Rent: $28.79 $37.37
Months To Lease: - -
Time On Market: 4 mo -
Walk Score®: 83 75
Transit Score®: 59 51
AVAILABILITY OFFICE
Spaces: 1
Square Feet: 9,512
Range: 9,512
Max Contig: 9,512
% Sublet: 0 %
Asking Rent: $22.00/NNN
2 313 E Oak AveDistance to Subject Property: 1.5 Miles
EXPENSES
Taxes: $2.29/SF (2018)
PROPERTY
Type: Class C Office
Yr Blt/Renov: 1901/2002
RBA: 2,248 SF
Stories: 2
Typical Floor: 1,124 SF
Parking Spaces: 11: 4.89/1,000 SF
# of Tenants: 2
OWNER
Jennifer M Meksraitis
Purchased 7/26/2018
Price $450,000; $200/SF
COMPARISON SUBJECTTHIS PROPERTY
Vacancy %: 8.7% 0%
Available SF: 196 6,514
Gross Ask Rent: $26.81 $37.37
Months To Lease: - -
Time On Market: 6 mo -
Walk Score®: 74 75
Transit Score®: 65 51
AVAILABILITY OFFICE
Spaces: 2
Square Feet: 417
Range: 196 - 221
Max Contig: 221
% Sublet: 0 %
Asking Rent: -
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Peer Property Details341 S Plant Ave - The Historic Anderson House
3 1302 N 19th StDistance to Subject Property: 1.9 Miles
EXPENSES
Taxes: $2.03/SF (2018)
PROPERTY
Type: Class B Office
Yr Blt/Renov: 1908/1999
RBA: 50,189 SF
Stories: 4
Typical Floor: 12,547 SF
Parking Spaces: 165: 3.29/1,000 SF
# of Tenants: 10
OWNER
Bay Villa Developers, Inc.
Purchased 3/2/1999
Price $695,000; $14/SF
COMPARISON SUBJECTTHIS PROPERTY
Vacancy %: 0% 0%
Available SF: 12,493 6,514
Gross Ask Rent: $26.00 $37.37
Months To Lease: 10 mo -
Time On Market: 3 mo -
Walk Score®: 72 75
Transit Score®: 50 51
AVAILABILITY OFFICE
Spaces: 1
Square Feet: 12,493
Range: 12,493
Max Contig: 12,493
% Sublet: 0 %
Asking Rent: $26.00/FS
4 113 S BoulevardDistance to Subject Property: 0.4 Miles
EXPENSES
Taxes: $2.59/SF (2018)
Op. Exp: $0.37/SF (2011-Est)
PROPERTY
Type: Class C Office
Yr Blt/Renov: 1908
RBA: 3,276 SF
Stories: 2
Typical Floor: 1,638 SF
Parking Spaces: 10: 3.05/1,000 SF
# of Tenants: 2
OWNER
Denise Cassedy
COMPARISON SUBJECTTHIS PROPERTY
Vacancy %: 0% 0%
Available SF: 1,750 6,514
Gross Ask Rent: $22.57 $37.37
Months To Lease: - -
Time On Market: 2 mo -
Walk Score®: 88 75
Transit Score®: 47 51
AVAILABILITY OFFICE
Spaces: 1
Square Feet: 1,750
Range: 1,750
Max Contig: 1,750
% Sublet: 0 %
Asking Rent: $21.00/TE
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Peer Property Details341 S Plant Ave - The Historic Anderson House
5 806 W De Leon StDistance to Subject Property: 0.3 Miles
EXPENSES
Taxes: $2.82/SF (2018)
PROPERTY
Type: Class B Office
Yr Blt/Renov: 1908/1985
RBA: 3,208 SF
Stories: 2
Typical Floor: 2,823 SF
Parking Spaces: 7: 2.18/1,000 SF
# of Tenants: 5
OWNER
Avalon House LLC
Purchased 11/15/2017
Price $594,000; $185/SF
COMPARISON SUBJECTTHIS PROPERTY
Vacancy %: 43.3% 0%
Available SF: 1,390 6,514
Gross Ask Rent: - $37.37
Months To Lease: - -
Time On Market: 2 mo -
Walk Score®: 81 75
Transit Score®: 41 51
AVAILABILITY OFFICE
Spaces: 1
Square Feet: 1,390
Range: 1,390
Max Contig: 1,390
% Sublet: 0 %
Asking Rent: -
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341 S Plant Ave - The Historic Anderso…
PREPARED BY
Vincent Simonetti
Senior Advisor
Leasing Analytics
7,078 SF Office Building
TAMPA VACANCY OVERVIEW
A flourishing labor market has combined with sluggishdevelopment to steadily compress vacancies over recentyears, culminating in a record low in 2018. The averagevacancy rate has remained near the historic low into2019. The elevated demand has been fueled by anoffice-using employment job sector which has been onfire and grown at nearly twice the national average since2015.
Tampa's office demand has historically favored financialservices. Of late, that has become increasingly the case.Over the past four quarters, approximately 98 percent ofall office-using employment growth stems from financialservices. With job growth expected to continue tooutperform the national average over upcoming yearsand pipeline that, at least for now, remains well belowhistorical build levels, Tampa appears unlikely toexperience significant upward pressure on vacanciesover the near term.
However, new construction is showing signs of life.Supply has picked up a bit of late, though mostly build-to-suit projects. Perhaps the most notable office startthis cycle, MetWest Three, recently got underway inWestshore after PricewaterhouseCoopers signed on asanchor tenant for 150,000 square feet. Additionally, theproposed pipeline is robust and expects to see significant
projects break ground in 2019, much of themspeculative.
Among the notable projects is SPP's $3 billion WaterStreet Tampa. The initial phase is already underway withthe construction of the USF Morsani College of Medicine.SPP plans to break ground in early 2019 on 1001 WaterStreet, the first of three projects that project to deliver upto one million square feet of speculative office space.
The Downtown Tampa and Westshore submarkets havereceived an increasing level of activity in recent quarters,though tightened vacancies leave large blocks of spacenearly nonexistent. Until new supply comes online,tenants seeking larger options may be limited toscooping up recently-vacated space such as when T.Rowe Price Group frees up 70,000 SF in CorporateCenter II in June 2019.
Corporate relocations and expansions are frequent, suchas when QDI relocated its corporate headquarters intoThe Channel District by signing a 45,000 SF lease.Coworking has also gained traction with numerous firmstaking space such as Industrious in SunTrust FinancialCenter, Office Evolution in Lincoln Center, and Pipelineleasing 15,000 SF in Park Tower.
Vacancy Analytics341 S Plant Ave - The Historic Anderson House
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Vacancy Analytics341 S Plant Ave - The Historic Anderson House
VACANCY RATE
VACANCY RATE
Vacancy Trend (YOY) VacancyTrend (YOY) Trend (YOY)VacancyTrend (YOY)Vacancy
Subject Peers South Tampa Tampa
-1%13.0%0.3%6.7%0%0%0%0%2013
-1.5%11.5%-2.3%4.4%0%0%0%0%2014
-1.8%9.7%-1.3%3.1%0%0%0%0%2015
-1.2%8.6%-0.2%2.9%0%0%0%0%2016
-1.1%7.4%0.4%3.3%21.5%21.5%0%0%2017
-0.3%7.1%-0.3%3.0%-1%20.6%0%0%2018
0.4%7.6%-0.6%2.4%-18.3%2.3%0%0%YTD
-0.2%6.9%-0.9%2.1%-18.1%2.5%2019
0.7%7.7%0.6%2.7%0.2%2.7%2020
0.7%8.3%0.7%3.5%0.2%2.9%2021 Forecast >
0.6%8.9%0.7%4.1%0.2%3.2%2022
0.4%9.3%0.5%4.6%0.2%3.4%2023
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Vacancy Analytics341 S Plant Ave - The Historic Anderson House
AVAILABILITY RATE
AVAILABILITY RATE
Availability Trend (YOY) AvailabilityTrend (YOY) Trend (YOY)AvailabilityTrend (YOY)Availability
Subject Peers South Tampa 3 Star Tampa 3 Star
-0.4%15.3%2%8.2%-73.3%0%92%92.0%2013
-1.8%13.6%-3.5%4.7%3.3%3.3%0%92.0%2014
-0.8%12.8%-0.9%3.8%-3.3%0%-92%0%2015
-0.9%11.9%0%3.7%0%0%0%0%2016
-1.9%10.0%-1.1%2.6%21.5%21.5%0%0%2017
-1.2%8.8%-0.1%2.5%17.7%39.3%0%0%2018
0.1%9.5%-0.6%1.8%17.1%37.0%92%92.0%2019 YTD
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Vacancy Analytics341 S Plant Ave - The Historic Anderson House
MEDIAN MONTHS ON MARKET
MEDIAN MONTHS ON MARKET
Peers South Tampa Tampa
2009 4.0 7.1 10.2
2010 14.5 10.4 12.6
2011 11.4 8.7 15.1
2012 2.7 8.6 15.5
2013 13.1 9.2 16.9
2014 7.2 11.5 20.8
2015 - 9.3 21.3
2016 1.6 5.9 16.2
2017 2.6 5.3 10.8
2018 5.6 3.7 9.3
2019 3.0 3.9 9.1
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Vacancy Analytics341 S Plant Ave - The Historic Anderson House
MONTHS TO LEASE BY BLOCK SIZE (PAST 3 YEARS)
MONTHS TO LEASE BY BLOCK SIZE (PAST 3 YEARS)
Peers South Tampa Tampa
0-9,999 SF 2.0 6.6 9.4
10,000-19,999 SF 16.0 - 12.1
20,000-49,999 SF - - 12.8
50,000-99,999 SF - - 9.8
100,000+ SF - - 22.0
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Vacancy Analytics341 S Plant Ave - The Historic Anderson House
RENEWAL RATES
RENEWAL RATES
South Tampa & Adjacent Tampa
2009 51.1% 48.9%
2010 61.8% 63.2%
2011 66.8% 67.7%
2012 64.6% 64.2%
2013 62.7% 66.1%
2014 74.6% 73.8%
2015 70.4% 73.6%
2016 64.7% 65.9%
2017 63.1% 63.7%
2018 59.3% 59.0%
2019 53.0% 61.5%
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Rent Analytics341 S Plant Ave - The Historic Anderson House
TAMPA RENT TRENDS
Annual rent growth in Tampa remains well above thehistorical average and has done so for the past fiveyears. In fact, over recent quarters, Tampa has been oneof the strongest office rent growth metros in the nation.
The continual strong rent gains have steadily increasedthe average asking rents, which took quite a beating bythe recession. In 2017, the average rent finally recoveredto prerecession peak levels and has continued toimprove since then.
Landlords have largely been able to push rents due toconsistently tightening fundamentals and in 2018 the
average vacancy rate reached an all-time low. Given theexpected continued strong demand and below averagesupply pipeline, Tampa is unlikely to experiencesignificant downward supply pressure on asking rents inthe immediate future.
However, downward momentum on the rents isincreasingly likely over the next three to five years. Themetro saw construction pick up significantly in 2018 andthe future looks to be more of the same, including anumber of speculative ground breakings expected in2019.
GROSS ASKING RENT PER SQUARE FOOT
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Rent Analytics341 S Plant Ave - The Historic Anderson House
GROSS ASKING RENT PER SQUARE FOOT
Direct Rent Trend (YOY) Market RentTrend (YOY) Trend (YOY)Market RentTrend (YOY)Market Rent
Subject Peers South Tampa Tampa
1.7%$20.033.9%$19.550.8%$20.18--2013
3.7%$20.764%$20.326.1%$21.41--2014
5.1%$21.826.3%$21.60-0.3%$21.35--2015
6%$23.144.6%$22.5811.9%$23.89--2016
4.6%$24.216.3%$24.006%$25.34--2017
3.9%$25.154.8%$25.151.2%$25.64-$37.372018
1%$25.391.1%$25.420.5%$25.770%$37.37YTD
4.1%$26.184.7%$26.322%$26.152019
1.7%$26.622%$26.840.6%$26.292020
0.1%$26.640.4%$26.95-0.6%$26.142021 Forecast >
0.6%$26.800.9%$27.200.1%$26.182022
0.1%$26.830.5%$27.33-0.2%$26.112023
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Absorption Analytics341 S Plant Ave - The Historic Anderson House
NET ABSORPTION IN PEERS IN SQUARE FEET
NET ABSORPTION IN SOUTH TAMPA SUBMARKET IN SQUARE FEET
NET ABSORPTION IN TAMPA IN SQUARE FEET
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Leasing Analytics341 S Plant Ave - The Historic Anderson House
LEASING ACTIVITY IN PEERS IN SQUARE FEET
LEASING ACTIVITY IN SOUTH TAMPA SUBMARKET IN SQUARE FEET
LEASING ACTIVITY IN TAMPA IN SQUARE FEET
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Leasing Analytics341 S Plant Ave - The Historic Anderson House
SUBLEASE SPACE AVAILABLE IN TAMPA IN SQUARE FEET
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341 S Plant Ave - The Historic Anderso…
PREPARED BY
Vincent Simonetti
Senior Advisor
Lease Comps
7,078 SF Office Building
Lease Comps Summary341 S Plant Ave - The Historic Anderson House
Deals
-Gross Asking Rent Per SF
-Gross Starting Rent Per SF
-Avg. Months On Market
-LEASE COMPARABLES
SUMMARY STATISTICS
Rent Deals Low Average Median High
Gross Asking Rent Per SF
Gross Starting Rent Per SF
Gross Effective Rent Per SF
Asking Rent Discount
TI Allowance
Months Free Rent
-
-
-
-
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Lease Attributes Deals Low Average Median High
Months on Market
Deal Size
Lease Deal in Years
Floor Number
-
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Lease Comps Summary341 S Plant Ave - The Historic Anderson House
No Lease Comparables Found
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Lease Comps Details341 S Plant Ave - The Historic Anderson House
No Lease Comparables Found
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341 S Plant Ave - The Historic Anderso…
PREPARED BY
Vincent Simonetti
Senior Advisor
Construction
7,078 SF Office Building
All-Time Annual Avg. SF
133,716Delivered SF Past 4 Qtrs
16,000Delivered SF Next 4 Qtrs
150,000Proposed SF Next 4 Qtrs
262,410PAST 4 QUARTERS DELIVERIES, UNDER CONSTRUCTION, & PROPOSED
PAST & FUTURE DELIVERIES IN SQUARE FEET
Overall Construction Summary341 S Plant Ave - The Historic Anderson House
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Tampa ConstructionTampa Office
After nearly a decade of very limited office construction,development has started to pick up in Tampa over recentquarters. With over one million square feet underway, themetro is set to receive its largest injection of space inover a decade.
The limited deliveries this cycle had been strictly build-to-suit projects. However, speculative starts have begunto creep back into the pipeline. For example, VisionProperties began the recently-delivered 150,000 SFRenaissance Center VI on a completely speculativebasis. This strategy was rewarded during initialconstruction phases when AAA leased the entirety of thebuilding for use as their regional headquarters. VisionProperties has been emboldened by their success and isplanning two additional speculative office buildings inRenaissance Center.
Despite the recent success of speculative construction,
the majority of office construction in Tampa remainseither build-to-suit or requires an anchor tenant. Forexample, MetWest Three breaking ground in 2018 afterPricewaterhouseCoopers signed a long-term 150,000SF lease.
The Heights Union West building is also currentlyunderway, which will have 300,000 SF spread acrosstwo buildings upon completion. Heights Union recentlyinked coworking firm WeWork to a 50,000 SF lease.
Tampa appears on the verge of a speculative explosionin 2019, with many buildings planning to break ground.Among the notable projects expected to get underwayare nearly one million square feet of office space in threebuildings in the $3 billion Water Street Tampa district andapproximately 140,000 square feet in Midtown One aspart of Midtown Tampa.
DELIVERIES & DEMOLITIONS
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South Tampa ConstructionSouth Tampa Office
DELIVERIES & DEMOLITIONS
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South Tampa ConstructionSouth Tampa Office
All-Time Annual Avg. SF
5,140Delivered SF Past 4 Qtrs
8,800Delivered SF Next 4 Qtrs
0Proposed SF Next 4 Qtrs
60,410PAST 4 QUARTERS DELIVERIES, UNDER CONSTRUCTION, & PROPOSED
PAST & FUTURE DELIVERIES IN SQUARE FEET
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South Tampa ConstructionSouth Tampa Office
RECENT DELIVERIES
Property Name/Address Rating Bldg SF Stories Start Complete Developer/Owner
Dec-20171711 W Kennedy Blvd
8,800 - Jul-2018-
-1
PROPOSED
Property Name/Address Rating Bldg SF Stories Start Complete Developer/Owner
Feb-2019110 S MacDill Ave
Proposed Medical Office20,000 2 Dec-2019
-
-1
Feb-2019Bridge St
14,000 1 Jul-2019BTI Partners
BTI Partners2
Nov-20191901 W Platt St
The LUJO on Platt13,520 3 Jan-2020
-
-3
Nov-20192107 W Platt St
6,890 3 Jan-2020-
-4
Feb-2019909 Cleveland St
6,000 1 Sep-2019-
-5
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UNDER CONSTRUCTION IN SQUARE FEET (3 Mile Radius)
PROJECTED DELIVERIES IN SQUARE FEET (3 Mile Radius)
Construction Activity341 S Plant Ave - The Historic Anderson House
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Construction Activity341 S Plant Ave - The Historic Anderson House
DELIVERIES IN SQUARE FEET (3 Mile Radius)
STARTS IN SQUARE FEET (3 Mile Radius)
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Construction Activity341 S Plant Ave - The Historic Anderson House
PERCENT OCCUPIED AT DELIVERY (3 Mile Radius)
DELIVERIES AND OCCUPANCY IN SQUARE FEET (3 Mile Radius)
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Construction Activity341 S Plant Ave - The Historic Anderson House
NEW CONSTRUCTION OCCUPANCY AFTER DELIVERY BY YEAR BUILT (3 Mile Radius)
NET ABSORPTION IN SQUARE FEET (3 Mile Radius)
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Construction Activity341 S Plant Ave - The Historic Anderson House
GROSS ASKING RENT PER SQUARE FOOT (3 Mile Radius)
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Page 47
Properties
3Square Feet
530,000Percent of Inventory
2.9%Preleased
72.9%UNDER CONSTRUCTION PROPERTIES
UNDER CONSTRUCTION SUMMARY STATISTICS
Low Average Median High
Building SF 150,000 176,667 150,000 230,000
Stories 6 8 6 12
Typical Floor SF 19,167 23,056 25,000 25,000
Preleasing 45.5% 72.9% 58.6% 100%
Estimated Delivery Date December 2019 March 2020 April 2020 June 2020
Months to Delivery 9 12 13 15
Construction Period in Months 14 20 14 34
Star Rating 4.7
Under Construction Summary341 S Plant Ave - The Historic Anderson House
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Under Construction Summary341 S Plant Ave - The Historic Anderson House
COMPLETIONS MORE THAN 6 MONTHS AWAY
Property Name/Address Rating Bldg SF Stories Start Complete Developer/Owner
Oct-20182004 N Tampa St
Heights Union - West Bu…150,000 6 Dec-2019
-
-1
Feb-20192004 N Tampa St
Heights Union - East Bui…150,000 6 Apr-2020
-
-2
Aug-2017Channelside Dr
USF Morsani College of…230,000 12 Jun-2020
-
University of South Florida3
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Under Construction Property Details341 S Plant Ave - The Historic Anderson House
1 2004 N Tampa St - Heights Union - West BuildingDistance to Subject Property: 1.5 Miles
AVAILABILITY
Percent Leased: 58.6%
Available SF: 62,136
Gross Asking Rent: $39.00
PROPERTY
Type: Class A Office
Year Built: Delivers Dec 2019
RBA: 150,000 SF
Core Factor: -
Stories: 6
Typical Floor: 25,000 SF
Parking Spaces: 4.00/1,000 SF
CONSTRUCTION
Start Date: Oct-2018
Completion Date: Dec-2019
Build Time: 14 Months
Time To Delivery: 9 MonthsCONTACTS
Developer: -
Owner: -
Name SF Sign Date Expiration Date
KEY TENANTS
AxoGen 25,000 Nov-2018 -
2 2004 N Tampa St - Heights Union - East BuildingDistance to Subject Property: 1.5 Miles
AVAILABILITY
Percent Leased: 45.5%
Available SF: 81,740
Gross Asking Rent: -
PROPERTY
Type: Class A Office
Year Built: Delivers Apr 2020
RBA: 150,000 SF
Core Factor: -
Stories: 6
Typical Floor: 25,000 SF
Parking Spaces: 4.00/1,000 SF
CONSTRUCTION
Start Date: Feb-2019
Completion Date: Apr-2020
Build Time: 14 Months
Time To Delivery: 13 MonthsCONTACTS
Developer: -
Owner: -
Name SF Sign Date Expiration Date
KEY TENANTS
WeWork 50,000 Jan-2019 -
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Under Construction Property Details341 S Plant Ave - The Historic Anderson House
3 Channelside Dr - USF Morsani College of MedicineDistance to Subject Property: 0.9 Miles
AVAILABILITY
Percent Leased: 100%
Available SF: -
Gross Asking Rent: -
PROPERTY
Type: Class A Office
Year Built: Delivers Jun 2020
RBA: 230,000 SF
Core Factor: -
Stories: 12
Typical Floor: 19,166 SF
Parking Spaces: -
CONSTRUCTION
Start Date: Aug-2017
Completion Date: Jun-2020
Build Time: 34 Months
Time To Delivery: 15 MonthsCONTACTS
Developer: -
Owner: University of South Florida
Name SF Sign Date Expiration Date
KEY TENANTS
USF Morsani College of Medicine 134,162 - -
USF Heart Institute 95,830 - -
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Properties
3Square Feet
21,784Percent Leased
98.9%Asking Rent
$8.80COMPLETED CONSTRUCTION PAST 12 MONTHS
CONSTRUCTION SUMMARY STATISTICS
Low Average Median High
RBA 5,784 7,261 7,200 8,800
Stories 3 3 3 3
Typical Floor SF 1,928 3,113 2,400 5,010
Leases Signed - - - -
Percent Leased 96.5% 98.9% 100% 100%
Asking Rent $8.80 $8.80 $8.80 $8.80
Star Rating 3.0
Completed Construction Past 12 Months341 S Plant Ave - The Historic Anderson House
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Completed Construction Past 12 Months341 S Plant Ave - The Historic Anderson House
Property Name/Address Rating RBA Stories Complete Leased Developer/Owner
Jul-20181711 W Kennedy Blvd
8,800 - 100%-
-1
Apr-20181925 E 6th Ave
1925 Ybor7,200 3 96.5%
-
Sight Real Estate2
Feb-20181919 E 6th Ave
5,784 3 100%-
Vanguard Real Estate3
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Deliveries Past 12 Months341 S Plant Ave - The Historic Anderson House
1 1711 W Kennedy BlvdTampa, FL 33606 - South Tampa Submarket
- AVAILABILITY
Percent Leased: 100%
Available SF: -
Asking Rent: -
PROPERTY
Type: Class B Office
Yr Blt/Renov: 2018
Property Size: 8,800 SF
Typical Floor: 5,010 SF
Distance To Subj… 0.9 Miles -CONSTRUCTION
Start Date: Dec-2017
Completion Date: Jul-2018
Build Time: 7 Months
Time Since Delivery: 8 Months
-
AVAILABLE SPACES
Currently No Available Spaces
-
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Deliveries Past 12 Months341 S Plant Ave - The Historic Anderson House
2 1925 E 6th Ave - 1925 YborTampa, FL 33605 - East Tampa Submarket
- AVAILABILITY
Percent Leased: 96.5%
Available SF: 250
Asking Rent: $8.80
PROPERTY
Type: Class B Office
Yr Blt/Renov: 2018
Property Size: 7,200 SF
Stories: 3
Typical Floor: 2,400 SF
Distance To Subj… 2.1 Miles
OWNER
Sight Real Estate
CONSTRUCTION
Start Date: Sep-2017
Completion Date: Apr-2018
Build Time: 7 Months
Time Since Delivery: 11 Months
-
AVAILABLE SPACES
Rent
Space Type
Floor Use
Square Feet
Type SF AvailOccupancySuite Listing CompanyBldg Contig
Sight Real Estate$7.27/FS110110ReletOfficeP 2nd 9 & 10 Vacant
Sight Real Estate$9.29/FS7070ReletOfficeP 2nd 5,6,7,8 Vacant
Sight Real Estate$10.71/FS7070ReletOfficeP 2nd 4,11,12 Vacant
All Spaces 250 110 $8.80/SF/Yr
-
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Deliveries Past 12 Months341 S Plant Ave - The Historic Anderson House
3 1919 E 6th AveTampa, FL 33605 - East Tampa Submarket
- AVAILABILITY
Percent Leased: 100%
Available SF: -
Asking Rent: -
PROPERTY
Type: Class B Office
Yr Blt/Renov: 2018
Property Size: 5,784 SF
Stories: 3
Typical Floor: 1,781 SF
Distance To Subj… 2.1 Miles
OWNER
Vanguard Real Estate
CONSTRUCTION
Start Date: May-2017
Completion Date: Feb-2018
Build Time: 9 Months
Time Since Delivery: 13 Months
-
AVAILABLE SPACES
Currently No Available Spaces
-
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341 S Plant Ave - The Historic Anderso…
PREPARED BY
Vincent Simonetti
Senior Advisor
Sale Comps
7,078 SF Office Building
Tampa Investment Trends341 S Plant Ave - The Historic Anderson House
Sale Comparables
18Avg. Cap Rate
-Avg. Price/SF
$198Avg. Vacancy At Sale
10.1%SALE COMPARABLE LOCATIONS
SALE COMPARABLES SUMMARY STATISTICS
Sales Attributes Low Average Median High
Sale Price $586,000 $1,459,778 $1,382,500 $3,050,000
Price Per SF $116 $198 $180 $429
Cap Rate - - - -
Time Since Sale in Months 2.2 12.0 10.1 23.5
Property Attributes Low Average Median High
Building SF 3,568 7,356 6,888 12,653
Stories 1 2 2 3
Typical Floor SF 1,925 4,742 3,680 12,653
Vacancy Rate At Sale 0% 10.1% 0% 100%
Year Built 1895 1957 1963 2005
Star Rating 2.3
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Tampa Investment Trends341 S Plant Ave - The Historic Anderson House
Property Name - Address Rating Yr Built Bldg SF Vacancy Price Price/SF
Property
Sale Date
Sale
Cap Rate
-1 306 N Lincoln Ave1965 9,738 0% $1,340,000 $13812/24/2018 -
-2 The Franklin1895 7,146 0% $2,000,000 $280
510 N Franklin St12/21/2018 -
-3 3202 Henderson Blvd1971 5,978 0% $1,000,000 $16711/13/2018 -
-4 3415 Horatio St1963 6,470 0% $1,450,000 $22410/31/2018 -
-5 1205-1207 N Franklin St1900 11,340 0% $1,550,000 $1378/28/2018 -
-6 Tampa Medical Complex1989 10,266 0% $1,600,000 $156
812 W Martin Luther King…8/17/2018 -
-7 3009 W Barcelona St1947 12,653 0% $1,550,000 $1236/13/2018 -
-8 Hyde Park Executive Sui…1923 7,160 0% $1,425,000 $199
610 W Azeele St6/8/2018 -
-9 1010-1016 N Florida Ave2005 9,264 0% $3,050,000 $3295/18/2018 -
-10 400 E Dr Martin Luther K…1984 8,253 0% $1,100,000 $1334/9/2018 -
-11 704 W Bay St1979 4,746 0% $1,170,000 $24712/15/2017 -
-12 400 E. Palm Ave.1900 3,849 0% $586,000 $152
400 E Palm Ave11/10/2017 -
-13 1725 E 8th Ave1961 6,993 100% $3,000,000 $42910/24/2017 -
-14 114 S 12th St1965 6,782 0% $900,000 $1339/26/2017 -
-15 3015 W Columbus Dr2005 3,568 0% $1,475,000 $4135/11/2017 -
-16 1112 E Kennedy Blvd1956 6,368 100% $1,230,000 $1935/1/2017 -
-17 1102 W Cass St1956 5,372 0% $1,100,000 $2054/4/2017 -
-4 3415 Horatio St1963 6,470 0% $750,000 $1163/17/2017 -
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Tampa Investment Trends341 S Plant Ave - The Historic Anderson House
SALES VOLUME & MARKET SALE PRICE PER SF
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Tampa Investment Trends341 S Plant Ave - The Historic Anderson House
TAMPA INVESTMENT TRENDS
Office sales have exploded in Tampa, with nearly $6billion in total sales volume since 2014. The metrocooled slightly in 2018, though was able to surpass $1billion for the fifth consecutive year. The year was onpace for a new annual record with nearly $750 million bythe end of the third quarter alone and the October sale ofTampa City Center for $110 million, before activity stalledin the fourth quarter.
Prices have continued to climb, with cap ratescorrespondingly compressing. However, both are slowingand appear to be flattening out.
Much of the recent sales volume spike has been thanksto many of Tampa's trophy assets changing hands. The787,000 SF Bank of America Plaza sold in 2015 for $195
million and was one of the largest recent office buildingtransactions in Florida. A few months prior, HighwoodsProperties agreed to purchase the 528,000 SF SunTrustTower in the Downtown Tampa Submarket for $124million. More recently, 200 Central Ave, located in theDowntown St. Petersburg Submarket, sold in June 2017for $65.75 million ($223/SF) and the two-building UrbanCentre portfolio in Westshore traded hands in 2018 for$143.1 million ($261.11/SF).
The metro has seen recent investment activity well-distributed throughout all submarkets, though salesvolume was noticeably concentrated in the prime coreoffice submarkets of Westshore, Downtown Tampa, andDowntown St. Petersburg.
SALES VOLUME & MARKET SALE PRICE PER SF
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Sale Comps Details341 S Plant Ave - The Historic Anderson House
1 306 N Lincoln AveDistance to Subject Property: 2.2 Miles
PROPERTY
Type: Class C Office
Yr Blt/Renov: 1965
RBA: 9,738 SF
Vacancy At S… 0%
SALE
Sale Type: Owner/User
Sale Date: 12/24/2018
Sale Price: $1,340,000
Price/SF: $138
CONTACTS
Buyer: Blake Building
Seller: Grand Lodge of Florida
SALE TERMS
Financing: 1st Mortgage Bal/P…
TRANSACTION NOTES
The former Masonic Lodge at 306 N Lincoln Ave sold on 12/24/18 for $1,340,000.
The building is a single story 9,738 office building that will be converted into residential housing by the buyer Blake Builders out of Tampa.
An associate with the Masonic Lodge confirmed the details on the sale.
2 510 N Franklin St - The FranklinDistance to Subject Property: 0.7 Miles
PROPERTY
Type: Class B Office
Yr Blt/Renov: 1895
RBA: 7,146 SF
Stories: 3
Typical Floor: 2,382 SF
Vacancy At S… 0%
SALE
Sale Type: Owner/User
Sale Date: 12/21/2018
Sale Price: $2,000,000
Price/SF: $280
CONTACTS
Buyer: Tastes of Tampa Bay C…
Seller: 510 Franklin LLC
Listing Broker: 510 Franklin LLC - Kevi…
SALE TERMS
Financing: Unknown: Midwest…
TRANSACTION NOTES
510 N Franklin St, Tampa, Fl sold on 12/21/18 for $2,000,000.
Confirmed via public record as not parties could be reached.
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Sale Comps Details341 S Plant Ave - The Historic Anderson House
3 3202 Henderson BlvdDistance to Subject Property: 2.0 Miles
PROPERTY
Type: Class C Office
Yr Blt/Renov: 1971
RBA: 5,978 SF
Stories: 3
Typical Floor: 1,993 SF
Vacancy At S… 0%
Parking: 20: 3.35/1,000 SF
SALE
Sale Type: Owner/User
Sale Date: 11/13/2018
Sale Price: $1,000,000
Price/SF: $167
CONTACTS
Buyer: Interstruct Inc
Seller: Hyde Park Cancer Center
SALE TERMS
Financing: 1st Mortgage: Servic…
4 3415 Horatio StDistance to Subject Property: 2.3 Miles
SALE
Sale Type: Owner/User
Sale Date: 10/31/2018
Time On Mar… 1 Yr 6 Mos
Sale Price: $1,450,000
Price/SF: $224
PROPERTY
Type: Class B Office
Yr Blt/Renov: 1963
RBA: 6,470 SF
Stories: 2
Typical Floor: 6,470 SF
Vacancy At S… 0%
Parking: 21: 3.25/1,000 SFSALE TERMS
Sale Conditio… Building in Shell Co…
CONTACTS
Buyer: Atlas Professional Serv…
Seller: BRN Development
Listing Broker: Boutique National LLC…
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Sale Comps Details341 S Plant Ave - The Historic Anderson House
5 1205-1207 N Franklin StDistance to Subject Property: 1.0 Miles
SALE
Sale Type: Owner/User
Sale Date: 8/28/2018
Sale Price: $1,550,000
Price/SF: $137
PROPERTY
Type: Class C Office
Yr Blt/Renov: 1900
RBA: 11,340 SF
Stories: 3
Typical Floor: 3,400 SF
Vacancy At S… 0%
Parking: 19: 1.68/1,000 SF-
CONTACTS
Buyer: The Boutique Real Esta…
Seller: Stephen Seefeld
6 812 W Martin Luther King Blvd - Tampa Medical ComplexDistance to Subject Property: 2.9 Miles
SALE
Sale Type: Owner/User
Sale Date: 8/17/2018
Sale Price: $1,600,000
Price/SF: $156
PROPERTY
Type: Class B Office
Yr Blt/Renov: 1989
RBA: 10,266 SF
Stories: 2
Typical Floor: 5,438 SF
Vacancy At S… 0%
Parking: 38: 3.86/1,000 SFSALE TERMS
Financing: Unknown Bal/Pmt: $…
CONTACTS
Buyer: Wetherington Hamilton,…
Seller: Cardinal Point Real Est…
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Sale Comps Details341 S Plant Ave - The Historic Anderson House
7 3009 W Barcelona StDistance to Subject Property: 2.2 Miles
SALE
Sale Type: Owner/User
Sale Date: 6/13/2018
Sale Price: $1,550,000
Price/SF: $123
PROPERTY
Type: Class C Office
Yr Blt/Renov: 1947
RBA: 12,653 SF
Stories: 1
Typical Floor: 12,653 SF
Vacancy At S… 0%-
CONTACTS
Buyer: Lanza & Lanza, LLC
Seller: Continental Realty
Buyer Broker: Smith & Associates Re…
8 610 W Azeele St - Hyde Park Executive SuitesDistance to Subject Property: 0.2 Miles
SALE
Sale Type: Owner/User
Sale Date: 6/8/2018
Time On Mar… 107 Days
Sale Price: $1,425,000
Price/SF: $199
PROPERTY
Type: Class B Office
Yr Blt/Renov: 1923; Renov 2008
RBA: 7,160 SF
Stories: 2
Typical Floor: 3,580 SF
Vacancy At S… 0%
Parking: 0.00/1,000 SFSALE TERMS
Financing: Unknown: Bank of T…
CONTACTS
Buyer: Brent Metzler
Seller: Magda Properties
Buyer Broker: Realty Experts - Jennife…
Listing Broker: Smith & Associates Re…
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Sale Comps Details341 S Plant Ave - The Historic Anderson House
9 1010-1016 N Florida AveDistance to Subject Property: 0.9 Miles
SALE
Sale Type: Owner/User
Sale Date: 5/18/2018
Time On Mar… 164 Days
Sale Price: $3,050,000
Price/SF: $329
PROPERTY
Type: Class B Office
Yr Blt/Renov: 2005
RBA: 9,264 SF
Stories: 2
Typical Floor: 4,362 SF
Vacancy At S… 0%
Parking: 27: 2.91/1,000 SF-
CONTACTS
Buyer: Alan Gassman
Seller: Wetherington Hamilton,…
Buyer Broker: Maven Estates, LLC - E…
Listing Broker: Commercial Partners R…
10 400 E Dr Martin Luther King Jr BlvdDistance to Subject Property: 2.9 Miles
PROPERTY
Type: Class C Office
Yr Blt/Renov: 1984
RBA: 8,253 SF
Stories: 1
Typical Floor: 8,253 SF
Vacancy At S… 0%
SALE
Sale Type: Investment
Sale Date: 4/9/2018
Time On Mar… 1 Yr 11 Mos
Sale Price: $1,100,000
Price/SF: $133
CONTACTS
Buyer: American Care Medical…
Seller: Ronald Aprile
Buyer Broker: KW Commercial - Yalia…
Listing Broker: RMC Property Group -…
SALE TERMS
Sale Conditio… Investment Triple Net
Financing: 1st Mortgage: JP Mo…
TRANSACTION NOTES
On April 9th, 2018 the property located at 400 E Dr Martin Luther King Jr Blvd in Tampa, Florida 33603 sold for $1,100,000 or approximately $133.28per square foot. R Aprile Properties LLC sold the 8,253 square foot office building to Hillsborough County Real Properties Inc. Jason Aprile of RMCProperty Group represented the seller and Yalian Serrano of KW Commercial represented the buyer in the transaction.
The property was purchased as an investment opportunity with existing tenants in place and the, approximately, 3,800 square feet available, may beused by the buyer as a medical office for his own practice, but this has yet to be confirmed. The information gathered in this sale comparable wasconfirmed with both the listing broker and buyer broker as well as public record information.
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Sale Comps Details341 S Plant Ave - The Historic Anderson House
11 704 W Bay StDistance to Subject Property: 0.3 Miles
PROPERTY
Type: Class B Office
Yr Blt/Renov: 1979
RBA: 4,746 SF
Stories: 1
Typical Floor: 4,746 SF
Vacancy At S… 0%
Parking: 15: 3.08/1,000 SF
SALE
Sale Type: Owner/User
Sale Date: 12/15/2017
Sale Price: $1,170,000
Price/SF: $247
CONTACTS
Buyer: Frank Gay
Seller: Leich & Teeling Enterpr…
Listing Broker: Smith & Associates Re…
SALE TERMS
Sale Conditio… Bulk/Portfolio Sale
TRANSACTION NOTES
On 12/15/17, the 4,746 square foot office building located at 704 W Bay Street in Tampa, FL was sold for$1,170,000 or approximately $246 persquare foot. The property was built in 1974.
The buyer purchased the property as an owner user sale. They would not provide comment on the transaction. The deal was paid in cash and undercontact for 45 days.
Details regarding this sale were verified with the listing broker and through public record.
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Sale Comps Details341 S Plant Ave - The Historic Anderson House
12 400 E Palm Ave - 400 E. Palm Ave.Distance to Subject Property: 1.6 Miles
PROPERTY
Type: Class C Office
Yr Blt/Renov: 1900
RBA: 3,849 SF
Stories: 2
Typical Floor: 1,924 SF
Vacancy At S… 0%
SALE
Sale Type: Owner/User
Sale Date: 11/10/2017
Time On Mar… 2 Yrs 9 Mos
Sale Price: $586,000
Price/SF: $152
CONTACTS
Buyer: Vinson Law
Seller: The Roal Group Inc
Buyer Broker: KW Commercial - Nick…
Listing Broker: The Roal Group Inc - R…
-
TRANSACTION NOTES
The following information was confirmed with the seller broker and the buyer.
This 3,849 square foot space sold for $586,000 on Novemeber 10, 2017.The motivation to sell was because Tampa Heights is becoming more popular and it was a good time to sell because the market was doing well.The motivation to buy was because the buyer needed office space.
13 1725 E 8th AveDistance to Subject Property: 2.0 Miles
PROPERTY
Type: Class C Office
Yr Blt/Renov: 1961
RBA: 6,993 SF
Stories: 1
Typical Floor: 6,993 SF
Vacancy At S… 100%
Parking: 0.00/1,000 SF
SALE
Sale Date: 10/24/2017
Sale Price: $3,000,000
Price/SF: $429
CONTACTS
Buyer: Seven One Seven Parki…
Seller: William M Holland Jr
SALE TERMS
Sale Conditio… Bulk/Portfolio Sale
Financing: 1st Mortgage Bal/P…
TRANSACTION NOTES
On 10/24/17, the 6,933 square foot office building located at 1725 E 8th Ave in Tampa, FL was sold for $3,000,000 or approximately $429 per squarefoot. the property was built in 1961 and has 10 parking spots. There is currently space for lease in the property.
Details pertaining to this report were verified through public record.
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Sale Comps Details341 S Plant Ave - The Historic Anderson House
14 114 S 12th StDistance to Subject Property: 1.1 Miles
PROPERTY
Type: Class C Office
Yr Blt/Renov: 1965
RBA: 6,782 SF
Stories: 2
Typical Floor: 5,782 SF
Vacancy At S… 0%
Parking: 2: 0.28/1,000 SF
SALE
Sale Type: Investment
Sale Date: 9/26/2017
Time On Mar… 211 Days
Sale Price: $900,000
Price/SF: $133
CONTACTS
Listing Broker: Coldwell Banker Comm…
-
15 3015 W Columbus DrDistance to Subject Property: 2.6 Miles
SALE
Sale Type: Owner/User
Sale Date: 5/11/2017
Time On Mar… 1 Yr 4 Mos
Sale Price: $1,475,000
Price/SF: $413
PROPERTY
Type: Class B Office
Yr Blt/Renov: 2005
RBA: 3,568 SF
Stories: 1
Typical Floor: 3,568 SF
Vacancy At S… 0%
Parking: 20: 5.60/1,000 SFSALE TERMS
Financing: Unknown: First Citiz…
CONTACTS
Buyer: Talal Hamdan MD
Seller: Centennial Bank
Listing Broker: Ciminelli Real Estate Se…
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Sale Comps Details341 S Plant Ave - The Historic Anderson House
16 1112 E Kennedy BlvdDistance to Subject Property: 1.1 Miles
SALE
Sale Type: Investment
Sale Date: 5/1/2017
Time On Mar… 84 Days
Sale Price: $1,230,000
Price/SF: $193
PROPERTY
Type: Class B Office
Yr Blt/Renov: 1956
RBA: 6,368 SF
Stories: 1
Typical Floor: 6,368 SF
Vacancy At S… 100%
Parking: 23: 3.61/1,000 SF-
CONTACTS
Buyer: Theochem Laboratories…
Seller: GLG Properties, LLC.
Buyer Broker: Future Home Realty - R…
Listing Broker: Commercial Asset Part…
17 1102 W Cass StDistance to Subject Property: 0.8 Miles
SALE
Sale Type: Owner/User
Sale Date: 4/4/2017
Time On Mar… 162 Days
Sale Price: $1,100,000
Price/SF: $205
PROPERTY
Type: Class C Office
Yr Blt/Renov: 1956; Renov 1999
RBA: 5,372 SF
Stories: 1
Typical Floor: 5,372 SF
Vacancy At S… 0%
Parking: 17: 3.70/1,000 SF-
CONTACTS
Buyer: Zahn Associates
Seller: Hendry Real Estate Adv…
Buyer Broker: C.R.E.S. of Florida, Inc.…
Listing Broker: DeLaVergne & Compan…
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Sale Comps Details341 S Plant Ave - The Historic Anderson House
4 3415 Horatio StDistance to Subject Property: 2.3 Miles
PROPERTY
Type: Class B Office
Yr Blt/Renov: 1963
RBA: 6,470 SF
Stories: 2
Typical Floor: 6,470 SF
Vacancy At S… 0%
Parking: 21: 3.25/1,000 SF
SALE
Sale Type: Investment
Sale Date: 3/17/2017
Sale Price: $750,000
Price/SF: $116
CONTACTS
Buyer Broker: KW Commercial - Nick…
Listing Broker: KW Commercial - Nick…
-
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Sales Volume341 S Plant Ave - The Historic Anderson House
SOUTH TAMPA SUBMARKET SALES VOLUME IN SQUARE FEET
CENTRAL TAMPA SUBMARKET CLUSTER SALES VOLUME IN SQUARE FEET
TAMPA METRO SALES VOLUME IN SQUARE FEET
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Sales Pricing341 S Plant Ave - The Historic Anderson House
NATIONAL PRICE INDICES
REGIONAL OFFICE PRICE INDICES
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Sales Pricing341 S Plant Ave - The Historic Anderson House
PRICE PER SF INDEX
UNITED STATES OFFICE PRICE PER SF IN PAST YEAR TAMPA OFFICE PRICE PER SF IN PAST YEAR
PRICE PER SF SUMMARY OF SALES IN PAST YEAR
Geography HighTop 25%AverageMedianBottom 25%LowTransactions
$28,525United States 21,940 $0.02 $38 $119 $219 $417
$806Tampa 449 $1.45 $65 $138 $154 $279
$556Central Tampa 67 $61 $106 $196 $183 $303
$556South Tampa 32 $79 $118 $198 $188 $326
$429Selected Sale Comps 18 $116 $128 $180 $198 $340
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Cap Rates341 S Plant Ave - The Historic Anderson House
CAP RATE TRENDS
UNITED STATES OFFICE CAP RATES IN PAST YEAR TAMPA OFFICE CAP RATES IN PAST YEAR
CAP RATE SUMMARY OF SALES IN PAST YEAR
Geography HighTop 25%AverageMedianBottom 25%LowTransactions
25.0%United States 3,798 0.9% 5.1% 7.3% 7.4% 9.9%
23.5%Tampa 78 4.3% 6.0% 8.0% 8.1% 10.5%
8.0%Central Tampa 8 4.7% 5.4% 7.2% 7.0% 8.0%
8.0%South Tampa 6 4.7% 5.4% 6.8% 6.7% 8.0%
-Selected Sale Comps 0 - - - - -
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Buyers341 S Plant Ave - The Historic Anderson House
TOP TAMPA OFFICE BUYERS PAST TWO YEARS
Purchased at least one asset in South Tampa submarket
Properties Bought
Company Name Bldgs VolumeSF
Properties Sold
SF BldgsVolume
Healthcare Trust of America, Inc. 8 439,151 $146,160,537 0 0 -
Starwood Capital Group 2 548,054 $143,100,000 2 326,876 $47,394,134
Parmenter, LLC 2 494,813 $112,500,000 2 494,813 $112,500,000
Partners Group AG 2 494,813 $112,500,000 0 0 -
Banyan Street Capital 1 757,425 $110,000,000 0 0 -
Oaktree Capital Management, L.P. 1 757,425 $110,000,000 0 0 -
The Dilweg Companies 8 927,045 $91,261,187 3 389,179 $19,161,187
Real Estate Value Advisors 11 657,342 $90,274,999 0 0 -
Welltower, Inc. 11 363,434 $88,637,783 3 23,793 $6,922,600
BayCare Health Systems, Inc 6 479,639 $77,627,214 1 5,220 $1,226,700
Third Lake Capital 2 590,400 $65,750,000 0 0 -
TPG Capital, LP 4 456,060 $56,903,865 0 0 -
Priam Capital 7 396,190 $48,728,991 0 0 -
The Blackstone Group LP 3 248,901 $46,250,000 4 317,768 $19,753,865
Angelo, Gordon & Co. 1 254,808 $44,544,134 0 0 -
Atlanta Property Group 1 254,808 $44,544,134 0 0 -
Lincoln Property Company 1 239,585 $39,350,000 0 0 -
Strategic Office Partners 1 198,750 $37,500,000 0 0 -
Florida Department of Transportation 1 163,378 $35,700,000 0 0 -
IPCP, LLC 4 399,004 $35,227,881 7 396,190 $48,728,991
Meridian Development Group 12 396,430 $32,525,217 2 89,440 $12,181,000
Frontier Communications Inc 1 298,465 $29,300,000 1 298,465 $29,300,000
Ally Capital Group 5 307,172 $28,957,501 0 0 -
Tech Data Corporation 1 238,651 $23,466,303 0 0 -
Eldridge Industries 4 63,424 $23,000,200 0 0 -
TYPES OF OFFICE TAMPA BUYERS PAST TWO YEARS
Company Type Bldgs Millions Avg PricePrice/SF
Average Purchase
SF
Buying Volume
Private 225 7,906,993 $118 $4,160,680$936.2
Institutional 61 4,779,376 $170 $13,351,235$814.4
User 50 2,162,268 $130 $5,662,337$283.1
REIT/Public 20 808,041 $291 $11,794,916$235.9
Private Equity 19 1,829,373 $118 $11,399,146$216.6
$0 $240 $480 $720 $960
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Sellers341 S Plant Ave - The Historic Anderson House
TOP TAMPA OFFICE SELLERS PAST TWO YEARS
Sold at least one asset in South Tampa submarket
Properties Sold
Company Name Bldgs VolumeSF
Properties Bought
SF BldgsVolume
TIAA-CREF Investment Management, LLC 2 548,054 $143,100,000 0 0 -
Parmenter, LLC 2 494,813 $112,500,000 2 494,813 $112,500,000
Alliance Partners HSP LLC 1 757,425 $110,000,000 0 0 -
The Shidler Group 1 757,425 $110,000,000 0 0 -
Grandview Property Partners LLC 1 394,808 $97,610,000 0 0 -
Florida Medical Clinic 6 254,310 $84,204,927 0 0 -
Optimal Outcomes LLC 7 213,452 $79,087,481 0 0 -
Osprey Management Company, LLC 6 597,541 $78,900,000 0 0 -
TerraCap Management, LLC 7 516,966 $66,850,000 0 0 -
Kucera Properties 2 590,400 $65,750,000 0 0 -
The Graham Group, Inc. 2 229,212 $59,412,414 0 0 -
Rockefeller Group 3 337,822 $59,350,000 0 0 -
Duke Realty Corporation 2 212,976 $56,148,056 0 0 -
Fir Tree Partners 7 396,190 $48,728,991 0 0 -
IPCP, LLC 7 396,190 $48,728,991 4 399,004 $35,227,881
Starwood Capital Group 2 326,876 $47,394,134 2 548,054 $143,100,000
Convergent Capital Partners 1 239,585 $39,350,000 0 0 -
Denholtz Associates 1 239,585 $39,350,000 0 0 -
Highwoods Properties, Inc. 1 198,750 $37,500,000 0 0 -
Cardinal Point Real Estate, LLC 6 302,393 $36,310,000 0 0 -
TIER REIT, Inc. 1 130,000 $31,400,000 0 0 -
Taurus Management Services LLC 4 227,316 $29,999,999 0 0 -
Frontier Communications Inc 1 298,465 $29,300,000 1 298,465 $29,300,000
Redstone Investments 5 307,172 $28,957,501 0 0 -
Ryan Companies US, Inc. 2 135,359 $28,650,000 0 0 -
TYPES OF OFFICE TAMPA SELLERS PAST TWO YEARS
Company Type Bldgs Billions Avg PricePrice/SF
Average Sale
SF
Selling Volume
Private 233 8,432,072 $140 $5,095,577$1.2
Institutional 85 5,080,543 $139 $8,309,787$0.7
User 55 1,704,002 $141 $4,397,429$0.2
REIT/Public 14 937,834 $179 $12,027,940$0.2
Private Equity 19 1,349,733 $115 $8,240,097$0.2
$0 $0.3 $0.6 $0.9 $1.2
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341 S Plant Ave - The Historic Anderso…
PREPARED BY
Vincent Simonetti
Senior Advisor
Demographics
7,078 SF Office Building
Demographic Overview341 S Plant Ave
Population (1 mi)
17,341Avg. HH Size (1 mi)
1.7Avg. Age (1 mi)
35Med. HH Inc. (1 mi)
$78,687DEMOGRAPHIC RADIUS RINGS
DEMOGRAPHIC SUMMARY
5 Mile3 Mile1 MilePopulation
228,396100,17417,3412018 Population
249,179109,36918,8972023 Population
9.1%9.2%9.0%Pop Growth 2018-2023
3938352018 Average Age
Households
95,86544,1127,9432018 Households
104,53648,2168,7472023 Households
9.1%9.3%10.1%Household Growth 2018-2023
$51,749$56,291$78,687Median Household Income
2.32.11.7Average Household Size
111Average HH Vehicles
Housing
$218,192$274,092$402,521Median Home Value
196619661993Median Year Built
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341 S Plant Ave - The Historic Anderso…
PREPARED BY
Vincent Simonetti
Senior Advisor
Appendix
7,078 SF Office Building
Historical Leasing Data341 S Plant Ave - The Historic Anderson House
PEERS HISTORICAL LEASING DATA
Available Space Gross Direct Asking Rent
Quarter AvailabilitySF Vacancy Direct Net Absorption SFRent Growth Leasing SF
Demand
QTD 37.0% 2.3% $26.86 -1.2% 12,493 025,341
2018 Q4 39.3% 20.6% $27.19 1.4% (1,390) 25,11226,867
2018 Q3 18.5% 18.5% $26.81 0.0% 928 012,689
2018 Q2 19.9% 19.9% $26.81 0.0% 0 013,617
2018 Q1 19.9% 19.9% $26.81 5.8% 1,124 013,617
2017 Q4 21.5% 21.5% $25.34 -6.7% (1,076) 014,741
2017 Q3 20.0% 20.0% $27.15 43.7% (13,665) 013,665
2017 Q2 0.0% 0.0% $18.89 0.0% 760 00
2017 Q1 1.1% 1.1% $18.89 4.9% (760) 0760
2016 Q4 0.0% 0.0% $18.00 0.0% 0 00
2016 Q3 2.6% 0.0% $18.00 0.0% 7,760 1,8001,800
2016 Q2 11.3% 11.3% - 0.0% (7,760) 07,760
SOUTH TAMPA SUBMARKET HISTORICAL LEASING DATA
Available Space Gross Direct Asking Rent
Quarter AvailabilitySF Vacancy Direct Net Absorption SFRent Growth Leasing SF
Demand
QTD 3.8% 2.4% $25.90 -1.0% 32,662 29,081196,084
2018 Q4 3.9% 3.0% $26.16 5.1% 13,254 40,081205,900
2018 Q3 4.0% 3.2% $24.88 -3.3% 8,355 36,188211,414
2018 Q2 4.2% 3.2% $25.73 6.3% (594) 38,343219,550
2018 Q1 4.5% 3.2% $24.21 2.4% 1,891 77,572233,380
2017 Q4 4.5% 3.3% $23.65 11.8% 8,277 82,727237,505
2017 Q3 4.6% 3.4% $21.15 -7.0% 12,179 20,549239,951
2017 Q2 4.7% 3.6% $22.74 4.5% (30,954) 23,159244,894
2017 Q1 4.1% 2.8% $21.77 0.4% 25,392 24,255215,273
2016 Q4 4.4% 2.8% $21.69 3.8% 990 29,465229,134
2016 Q3 4.5% 2.9% $20.90 -7.4% 9,250 33,789233,976
2016 Q2 4.5% 3.0% $22.58 1.6% 31,261 35,366233,770
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Historical Leasing Data341 S Plant Ave - The Historic Anderson House
CENTRAL TAMPA SUBMARKET CLUSTER HISTORICAL LEASING DATA
Available Space Gross Direct Asking Rent
Quarter AvailabilitySF Vacancy Direct Net Absorption SFRent Growth Leasing SF
Demand
QTD 10.2% 8.3% $30.15 2.1% (270,846) 374,8093,496,006
2018 Q4 9.4% 7.5% $29.54 4.3% (6,139) 859,0133,200,574
2018 Q3 10.3% 7.4% $28.33 3.2% 228,852 521,0093,504,518
2018 Q2 10.5% 8.1% $27.46 1.8% (191,698) 506,5303,548,785
2018 Q1 10.0% 7.5% $26.97 1.1% 129,458 876,8183,364,832
2017 Q4 10.2% 7.9% $26.67 2.5% 16,224 614,5373,437,750
2017 Q3 10.1% 7.8% $26.03 1.5% 124,287 544,5963,387,408
2017 Q2 11.1% 8.1% $25.66 1.1% 72,894 526,9733,693,729
2017 Q1 11.7% 8.3% $25.38 0.2% (49,215) 544,4423,905,849
2016 Q4 11.4% 8.1% $25.33 2.2% 38,446 529,5793,807,809
2016 Q3 11.1% 8.2% $24.79 -0.3% 134,651 757,4763,690,390
2016 Q2 11.7% 8.6% $24.87 1.3% 252,118 609,7563,897,903
TAMPA METRO HISTORICAL LEASING DATA
Available Space Gross Direct Asking Rent
Quarter AvailabilitySF Vacancy Direct Net Absorption SFRent Growth Leasing SF
Demand
QTD 9.7% 7.6% $22.69 0.8% (529,233) 749,04211,919,905
2018 Q4 9.1% 7.1% $22.52 1.8% (260,113) 1,673,20111,173,153
2018 Q3 9.3% 6.9% $22.13 3.4% 688,631 1,387,98911,397,793
2018 Q2 9.5% 7.3% $21.39 0.9% (8,801) 1,505,18211,679,088
2018 Q1 9.7% 7.2% $21.20 0.9% 448,171 2,113,81411,881,028
2017 Q4 9.8% 7.4% $21.01 0.2% 445,054 1,818,36611,979,931
2017 Q3 10.4% 7.8% $20.96 1.2% 275,032 1,701,05612,660,135
2017 Q2 10.8% 8.0% $20.72 0.8% 254,026 1,639,31213,154,453
2017 Q1 11.3% 8.0% $20.56 0.9% 536,098 1,838,44813,751,135
2016 Q4 11.6% 8.3% $20.38 0.4% 204,836 1,794,97814,053,835
2016 Q3 11.7% 8.5% $20.30 2.2% 341,845 1,848,83914,136,814
2016 Q2 11.6% 8.7% $19.86 0.7% 788,661 1,719,18514,103,490
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Historical Construction Data341 S Plant Ave - The Historic Anderson House
3 MILE RADIUS HISTORICAL CONSTRUCTION DATA
Bldgs Bldg SF Vacancy Bldgs Bldg SF Leased
Inventory Deliveries
Quarter
Under Construction
Bldg SFBldgs Preleased
QTD 18,009,488 6.1% 0 0 0.0%1,176 3 530,000 72.9%
2018 Q4 18,009,488 6.1% 0 0 0.0%1,176 2 380,000 80.3%
2018 Q3 18,010,494 6.3% 1 8,800 0.0%1,177 1 230,000 100%
2018 Q2 18,001,694 6.6% 1 7,200 0.0%1,176 2 238,800 100%
2018 Q1 18,050,339 7.2% 1 5,784 0.0%1,176 3 246,000 100%
2017 Q4 18,209,330 8.6% 0 0 0.0%1,179 4 251,784 100%
2017 Q3 18,209,330 7.8% 1 110 0.0%1,179 3 242,984 100%
2017 Q2 18,209,220 7.9% 1 7,584 0.0%1,178 2 5,894 100%
2017 Q1 18,201,636 7.7% 2 24,026 0.0%1,177 2 7,694 100%
2016 Q4 18,179,299 8.1% 0 0 0.0%1,176 4 31,720 100%
2016 Q3 18,179,299 8.0% 0 0 0.0%1,176 2 24,026 100%
2016 Q2 18,182,239 8.0% 0 0 0.0%1,177 2 24,026 100%
SOUTH TAMPA SUBMARKET HISTORICAL CONSTRUCTION DATA
Bldgs Bldg SF Vacancy Bldgs Bldg SF Leased
Inventory Deliveries
Quarter
Under Construction
Bldg SFBldgs Preleased
QTD 5,220,503 2.4% 0 0 0.0%851 0 0 0.0%
2018 Q4 5,220,503 3.0% 0 0 0.0%851 0 0 0.0%
2018 Q3 5,221,509 3.3% 1 8,800 0.0%852 0 0 0.0%
2018 Q2 5,212,709 3.2% 0 0 0.0%851 1 8,800 100%
2018 Q1 5,212,709 3.2% 0 0 0.0%851 1 8,800 100%
2017 Q4 5,377,484 6.2% 0 0 0.0%855 1 8,800 100%
2017 Q3 5,377,484 3.3% 1 3,258 0.0%855 0 0 0.0%
2017 Q2 5,374,226 3.5% 2 11,178 0.0%854 1 3,258 100%
2017 Q1 5,363,048 2.7% 2 24,026 0.0%852 3 14,436 100%
2016 Q4 5,340,711 2.8% 0 0 0.0%851 4 35,204 100%
2016 Q3 5,340,711 2.8% 0 0 0.0%851 3 27,620 100%
2016 Q2 5,340,711 2.9% 1 25,634 0.0%851 3 27,620 100%
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Historical Construction Data341 S Plant Ave - The Historic Anderson House
CENTRAL TAMPA SUBMARKET CLUSTER HISTORICAL CONSTRUCTION DATA
Bldgs Bldg SF Vacancy Bldgs Bldg SF Leased
Inventory Deliveries
Quarter
Under Construction
Bldg SFBldgs Preleased
QTD 33,385,223 8.3% 0 0 0.0%1,651 5 781,691 78.2%
2018 Q4 33,385,223 7.5% 0 0 0.0%1,651 4 631,691 75.5%
2018 Q3 33,386,229 7.4% 1 8,800 0.0%1,652 3 481,691 84.4%
2018 Q2 33,377,429 8.1% 0 0 0.0%1,651 3 486,491 84.6%
2018 Q1 33,433,274 7.7% 1 5,004 0.0%1,652 2 238,800 100%
2017 Q4 33,593,045 8.5% 1 63,289 0.0%1,655 3 243,804 100%
2017 Q3 33,531,341 7.9% 1 3,258 0.0%1,655 3 298,293 100%
2017 Q2 33,528,083 8.2% 2 11,178 0.0%1,654 3 71,551 100%
2017 Q1 33,516,905 8.4% 2 24,026 0.0%1,652 5 82,729 100%
2016 Q4 33,494,568 8.2% 0 0 0.0%1,651 6 103,497 100%
2016 Q3 33,494,568 8.2% 0 0 0.0%1,651 4 90,909 100%
2016 Q2 33,515,594 8.6% 1 25,634 0.0%1,653 4 90,909 100%
TAMPA METRO HISTORICAL CONSTRUCTION DATA
Bldgs Bldg SF Vacancy Bldgs Bldg SF Leased
Inventory Deliveries
Quarter
Under Construction
Bldg SFBldgs Preleased
QTD 121,655,591 7.6% 2 10,672 51.5%10,232 22 1,307,353 81.8%
2018 Q4 121,648,704 7.1% 5 35,000 88.0%10,231 23 1,168,025 82.0%
2018 Q3 121,768,469 7.0% 9 206,434 84.2%10,231 21 1,018,965 88.2%
2018 Q2 121,574,196 7.3% 4 28,550 51.0%10,224 24 1,163,887 89.9%
2018 Q1 121,613,056 7.3% 10 226,629 90.0%10,222 21 878,596 95.0%
2017 Q4 121,673,113 7.7% 5 93,057 87.6%10,225 26 814,979 95.2%
2017 Q3 121,695,694 7.8% 7 20,395 75.5%10,225 23 698,336 96.7%
2017 Q2 121,704,199 8.1% 13 220,926 83.8%10,220 25 461,551 95.2%
2017 Q1 121,488,287 8.1% 7 122,245 90.1%10,209 32 639,710 94.0%
2016 Q4 121,565,621 8.6% 1 3,500 0.0%10,209 30 680,929 99.5%
2016 Q3 122,044,810 9.0% 6 176,367 97.2%10,210 21 483,091 99.4%
2016 Q2 121,898,769 8.9% 6 47,283 89.4%10,209 19 626,023 98.4%
3/1/2019Copyrighted report licensed to Tomlin Commercial - 849514.
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