TAMPA, FL — Miami-based real estate investment firm Torose Equities, in partnership with Merrimac Ventures, has closed on the $31 million acquisition of 6302 Corporate Center, 6302 Corporate Center, 6302 E Dr. Martin Luther King Jr. Blvd., Tampa.
The deal closed on Jan. 18.
The approximately 350,000-square-foot property sits on 50 acres in East Tampa and has the ability to increase returns through additional leases.
6302 Corporate Center marks the first acquisition since real estate veteran Scott Sherman launched Torose in late 2022. Torose focuses on urban retail, office and mixed-use locations in the Southeast.
“I am very excited to add 6302 Corporate Center to our growing portfolio,” said Sherman. “While others remain on the sidelines in this uncertain environment, we continue to adhere to our contrarian approach and see opportunities in the value-add office and retail sectors. This asset is a great long-term cash-flow play, but the site also provides long-term optionality for future development. We are proud to partner with Merrimac Ventures on this acquisition and look forward to announcing several other deals in the pipeline shortly.”
The property is a premier office complex strategically located at one of Tampa’s most critical transportation junctions — Interstates 4 and 75 — and 10 minutes from downtown Tampa. Originally developed in 1984 as an outlet mall, the property was converted in 1998 to its current use as a multi-tenant office complex. The sprawling 50-acre campus features two lakes, visibility from I-4, newly renovated common areas, an atrium lounge, large floorplans and on-site security.
In the past year, the office building has had 95,000 square feet leased. Current tenant spaces range in size from 3,000 to 81,000 square feet.
“6302 Corporate Center is a unique asset, given its size and location,” said Dev Motwani, who leads Merrimac Ventures along with his brother, Nitin Motwani. “This was an excellent opportunity to acquire a property that further diversifies our real estate portfolio and provides future flexibility for growth. We appreciate our partnership with Torose and look forward to further strategic acquisitions in the future.”
Jan 19, 2023
