341 S Plant Ave - The Historic Anderso… · 2019. 4. 26. · Lately, office demand has...

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

3/1/2019Copyrighted report licensed to Tomlin Commercial - 849514.

Top Buyers & Sellers 76

DEMOGRAPHICS

Overview 79

APPENDIX

Historical Leasing Data 81

Historical Construction Data 83

Table Of Contents


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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http://gateway.costar.com/Gateway/Redir/RedirectToProduct.aspx?productId=PPW&redirUrl=%2Fredir%2Fdefault.aspx%3Feid%3D841221%26ProductMode%3DProperty%26external%3D1

Subject Property

PRIMARY LEASING COMPANY


fissfights.com

Tampa, FL 33606

341 S Plant Ave

(813) 258-1133

Herbert W. Fiss

Owner

[email protected]

(813) 258-1133

TRUE OWNER


fissfights.com

Tampa, FL 33606

341 S Plant Ave

(813) 258-1133

Herbert W. Fiss

Owner

[email protected]

(813) 258-1133

RECORDED OWNER

Herbert W & Ellen C Fiss

fissfights.com

Tampa, FL 33606

341 S Plant Ave

(813) 258-1133

PROPERTY MANAGEMENT


fissfights.com

Tampa, FL 33606

341 S Plant Ave

(813) 258-1133

Herbert W. Fiss

Owner

[email protected]

(813) 258-1133


Page 3

http://fissfights.com/





PREPARED BY

Vincent Simonetti

Senior Advisor

Market Summary


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


Page 6

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


Page 7


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


Page 8


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


Page 9


PREPARED BY

Vincent Simonetti

Senior Advisor

Peer Properties


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


Page 11

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


Page 12







Vacancy 0%

9,512 SF / 2 Stories

Owner: -

Rent/SF $28.79,

1215 E 6th Ave2

Vacancy 43.3%


Owner: Avalon House LLC

Rent/SF -,

806 W De Leon St1

Vacancy 0%

341 S Plant Ave


Owner: Fiss, Herbert W. Jr., P.A.

Rent/SF $37.37,

Subject Property

The Historic Anders…

Vacancy 0%


Owner: Denise Cassedy

Rent/SF $22.57,

113 S Boulevard5

Vacancy 0%

1302 N 19th St


Owner: Bay Villa Developers, Inc.

Rent/SF $26.00,

The Corral Bldg4

Vacancy 8.7%

313 E Oak Ave


Owner: Jennifer M Meksraitis

Rent/SF $26.81,

2,248 SF :: Office/ Ta…3

Peer Property Photos341 S Plant Ave - The Historic Anderson House


Page 13













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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Property Name / Address Rating Availability Rate Vacancy Rate

1215 E 6th Ave2 100% 0%


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%


313 E Oak Ave

Average


3 8.7% 8.7%

2.1%42.2%


Page 15














Property Name / Address Rating Gross Direct Rent Per SF Median Months on Market


341 S Plant Ave$37.37

1215 E 6th Ave2 4$28.79


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


Withheld1 2

3$28.13


Page 16














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


313 E Oak Ave3 0 2


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


Page 17













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


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



RBA: 2,248 SF

Stories: 2



# of Tenants: 2

OWNER

Jennifer M Meksraitis

Purchased 7/26/2018

Price $450,000; $200/SF


Vacancy %: 8.7% 0%

Available SF: 196 6,514




Walk Score®: 74 75


AVAILABILITY OFFICE

Spaces: 2

Square Feet: 417

Range: 196 - 221

Max Contig: 221

% Sublet: 0 %

Asking Rent: -


Page 18




3 1302 N 19th StDistance to Subject Property: 1.9 Miles

EXPENSES

Taxes: $2.03/SF (2018)

PROPERTY



RBA: 50,189 SF

Stories: 4



# of Tenants: 10

OWNER

Bay Villa Developers, Inc.

Purchased 3/2/1999

Price $695,000; $14/SF


Vacancy %: 0% 0%



Months To Lease: 10 mo -


Walk Score®: 72 75


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


Yr Blt/Renov: 1908

RBA: 3,276 SF

Stories: 2



# of Tenants: 2

OWNER

Denise Cassedy


Vacancy %: 0% 0%





Walk Score®: 88 75


AVAILABILITY OFFICE

Spaces: 1

Square Feet: 1,750

Range: 1,750

Max Contig: 1,750

% Sublet: 0 %

Asking Rent: $21.00/TE


Page 19




5 806 W De Leon StDistance to Subject Property: 0.3 Miles

EXPENSES

Taxes: $2.82/SF (2018)

PROPERTY



RBA: 3,208 SF

Stories: 2



# of Tenants: 5

OWNER

Avalon House LLC

Purchased 11/15/2017

Price $594,000; $185/SF


Vacancy %: 43.3% 0%


Gross Ask Rent: - $37.37



Walk Score®: 81 75


AVAILABILITY OFFICE

Spaces: 1

Square Feet: 1,390

Range: 1,390

Max Contig: 1,390

% Sublet: 0 %

Asking Rent: -


Page 20



PREPARED BY

Vincent Simonetti

Senior Advisor

Leasing Analytics


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


Page 22


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


Page 23


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


Page 24


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


Page 25


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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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%


Page 27

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


Page 28

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


Page 29

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


Page 30

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


Page 31

Leasing Analytics341 S Plant Ave - The Historic Anderson House

SUBLEASE SPACE AVAILABLE IN TAMPA IN SQUARE FEET


Page 32


PREPARED BY

Vincent Simonetti

Senior Advisor

Lease Comps


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

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Lease Attributes Deals Low Average Median High

Months on Market

Deal Size

Lease Deal in Years

Floor Number

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

- -

-

-

-


Page 34

Lease Comps Summary341 S Plant Ave - The Historic Anderson House

No Lease Comparables Found


Page 35

Lease Comps Details341 S Plant Ave - The Historic Anderson House

No Lease Comparables Found


Page 36


PREPARED BY

Vincent Simonetti

Senior Advisor

Construction


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


Page 38

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


Page 39

South Tampa ConstructionSouth Tampa Office

DELIVERIES & DEMOLITIONS


Page 40


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


Page 41


RECENT DELIVERIES

Property Name/Address Rating Bldg SF Stories Start Complete Developer/Owner

Dec-20171711 W Kennedy Blvd

8,800 - Jul-2018-

-1

PROPOSED


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


Page 42







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


Page 43


DELIVERIES IN SQUARE FEET (3 Mile Radius)

STARTS IN SQUARE FEET (3 Mile Radius)


Page 44


PERCENT OCCUPIED AT DELIVERY (3 Mile Radius)

DELIVERIES AND OCCUPANCY IN SQUARE FEET (3 Mile Radius)


Page 45


NEW CONSTRUCTION OCCUPANCY AFTER DELIVERY BY YEAR BUILT (3 Mile Radius)

NET ABSORPTION IN SQUARE FEET (3 Mile Radius)


Page 46


GROSS ASKING RENT PER SQUARE FOOT (3 Mile Radius)


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


Page 48

Under Construction Summary341 S Plant Ave - The Historic Anderson House

COMPLETIONS MORE THAN 6 MONTHS AWAY


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


Page 49




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


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


Available SF: 81,740

Gross Asking Rent: -

PROPERTY


Year Built: Delivers Apr 2020

RBA: 150,000 SF

Core Factor: -

Stories: 6


Parking Spaces: 4.00/1,000 SF

CONSTRUCTION

Start Date: Feb-2019

Completion Date: Apr-2020



Developer: -

Owner: -


KEY TENANTS

WeWork 50,000 Jan-2019 -


Page 50



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


Year Built: Delivers Jun 2020

RBA: 230,000 SF

Core Factor: -

Stories: 12


Parking Spaces: -

CONSTRUCTION

Start Date: Aug-2017

Completion Date: Jun-2020



Developer: -

Owner: University of South Florida


KEY TENANTS

USF Morsani College of Medicine 134,162 - -

USF Heart Institute 95,830 - -


Page 51


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


Page 52

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


Page 53




Deliveries Past 12 Months341 S Plant Ave - The Historic Anderson House

1 1711 W Kennedy BlvdTampa, FL 33606 - South Tampa Submarket

- AVAILABILITY


Available SF: -

Asking Rent: -

PROPERTY


Yr Blt/Renov: 2018



Distance To Subj… 0.9 Miles -CONSTRUCTION

Start Date: Dec-2017

Completion Date: Jul-2018


Time Since Delivery: 8 Months

-

AVAILABLE SPACES


-


Page 54



2 1925 E 6th Ave - 1925 YborTampa, FL 33605 - East Tampa Submarket

- AVAILABILITY


Available SF: 250

Asking Rent: $8.80

PROPERTY


Yr Blt/Renov: 2018


Stories: 3


Distance To Subj… 2.1 Miles

OWNER

Sight Real Estate

CONSTRUCTION

Start Date: Sep-2017

Completion Date: Apr-2018



-

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

-


Page 55



3 1919 E 6th AveTampa, FL 33605 - East Tampa Submarket

- AVAILABILITY


Available SF: -

Asking Rent: -

PROPERTY


Yr Blt/Renov: 2018


Stories: 3


Distance To Subj… 2.1 Miles

OWNER

Vanguard Real Estate

CONSTRUCTION

Start Date: May-2017

Completion Date: Feb-2018



-

AVAILABLE SPACES


-


Page 56



PREPARED BY

Vincent Simonetti

Senior Advisor

Sale Comps


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


Page 58


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 -


Page 59

http://gateway.costar.com/Gateway/Redir/RedirectToProduct.aspx?productId=PPW&redirUrl=%2Fredir%2Fdefault.aspx%3Feid%3D11021780%26ProductMode%3DProperty%26SelectedTab%3Dsale%26external%3D1



















SALES VOLUME & MARKET SALE PRICE PER SF


Page 60


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


Page 61

Sale Comps Details341 S Plant Ave - The Historic Anderson House

1 306 N Lincoln AveDistance to Subject Property: 2.2 Miles

PROPERTY


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


Yr Blt/Renov: 1895

RBA: 7,146 SF

Stories: 3


Vacancy At S… 0%

SALE


Sale Date: 12/21/2018


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.


Page 62




3 3202 Henderson BlvdDistance to Subject Property: 2.0 Miles

PROPERTY


Yr Blt/Renov: 1971

RBA: 5,978 SF

Stories: 3


Vacancy At S… 0%

Parking: 20: 3.35/1,000 SF

SALE


Sale Date: 11/13/2018


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 Date: 10/31/2018

Time On Mar… 1 Yr 6 Mos


Price/SF: $224

PROPERTY


Yr Blt/Renov: 1963

RBA: 6,470 SF

Stories: 2


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…


Page 63




5 1205-1207 N Franklin StDistance to Subject Property: 1.0 Miles

SALE


Sale Date: 8/28/2018


Price/SF: $137

PROPERTY


Yr Blt/Renov: 1900

RBA: 11,340 SF

Stories: 3


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




Price/SF: $156

PROPERTY


Yr Blt/Renov: 1989

RBA: 10,266 SF

Stories: 2


Vacancy At S… 0%


Financing: Unknown Bal/Pmt: $…

CONTACTS

Buyer: Wetherington Hamilton,…

Seller: Cardinal Point Real Est…


Page 64




7 3009 W Barcelona StDistance to Subject Property: 2.2 Miles

SALE




Price/SF: $123

PROPERTY


Yr Blt/Renov: 1947

RBA: 12,653 SF

Stories: 1


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 Date: 6/8/2018

Time On Mar… 107 Days


Price/SF: $199

PROPERTY


Yr Blt/Renov: 1923; Renov 2008

RBA: 7,160 SF

Stories: 2


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…


Page 65




9 1010-1016 N Florida AveDistance to Subject Property: 0.9 Miles

SALE





Price/SF: $329

PROPERTY


Yr Blt/Renov: 2005

RBA: 9,264 SF

Stories: 2


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


Yr Blt/Renov: 1984

RBA: 8,253 SF

Stories: 1


Vacancy At S… 0%

SALE

Sale Type: Investment

Sale Date: 4/9/2018



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.


Page 66




11 704 W Bay StDistance to Subject Property: 0.3 Miles

PROPERTY


Yr Blt/Renov: 1979

RBA: 4,746 SF

Stories: 1


Vacancy At S… 0%

Parking: 15: 3.08/1,000 SF

SALE


Sale Date: 12/15/2017


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.


Page 67



12 400 E Palm Ave - 400 E. Palm Ave.Distance to Subject Property: 1.6 Miles

PROPERTY


Yr Blt/Renov: 1900

RBA: 3,849 SF

Stories: 2


Vacancy At S… 0%

SALE


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


Yr Blt/Renov: 1961

RBA: 6,993 SF

Stories: 1


Vacancy At S… 100%

Parking: 0.00/1,000 SF

SALE

Sale Date: 10/24/2017


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.


Page 68




14 114 S 12th StDistance to Subject Property: 1.1 Miles

PROPERTY


Yr Blt/Renov: 1965

RBA: 6,782 SF

Stories: 2


Vacancy At S… 0%

Parking: 2: 0.28/1,000 SF

SALE





Price/SF: $133

CONTACTS

Listing Broker: Coldwell Banker Comm…

-

15 3015 W Columbus DrDistance to Subject Property: 2.6 Miles

SALE





Price/SF: $413

PROPERTY


Yr Blt/Renov: 2005

RBA: 3,568 SF

Stories: 1


Vacancy At S… 0%


Financing: Unknown: First Citiz…

CONTACTS

Buyer: Talal Hamdan MD

Seller: Centennial Bank

Listing Broker: Ciminelli Real Estate Se…


Page 69




16 1112 E Kennedy BlvdDistance to Subject Property: 1.1 Miles

SALE


Sale Date: 5/1/2017



Price/SF: $193

PROPERTY


Yr Blt/Renov: 1956

RBA: 6,368 SF

Stories: 1


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 Date: 4/4/2017



Price/SF: $205

PROPERTY


Yr Blt/Renov: 1956; Renov 1999

RBA: 5,372 SF

Stories: 1


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…


Page 70




4 3415 Horatio StDistance to Subject Property: 2.3 Miles

PROPERTY


Yr Blt/Renov: 1963

RBA: 6,470 SF

Stories: 2


Vacancy At S… 0%

Parking: 21: 3.25/1,000 SF

SALE




Price/SF: $116

CONTACTS

Buyer Broker: KW Commercial - Nick…

Listing Broker: KW Commercial - Nick…

-


Page 71


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


Page 72

Sales Pricing341 S Plant Ave - The Historic Anderson House

NATIONAL PRICE INDICES

REGIONAL OFFICE PRICE INDICES


Page 73

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


Page 74

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 - - - - -


Page 75

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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PREPARED BY

Vincent Simonetti

Senior Advisor

Demographics


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


Page 79


PREPARED BY

Vincent Simonetti

Senior Advisor

Appendix


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



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



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



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



Quarter

Under Construction


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



Quarter

Under Construction


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



Quarter

Under Construction


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%


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341 S Plant Ave - The Historic Anderso… · 2019. 4. 26. · Lately, office demand has...

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