NetPark Tampa Bay, once a bustling shopping mall and now a prominent office complex, has been acquired by New Jersey's own Saxum Real Estate Partners for a sizeable $45 million. This significant real estate transaction was facilitated by the CBRE team helmed by Dale Peterson, and represents one of the largest office property sales in the Southeast in over two years. Nestled at 5701 E. Hillsborough Ave., NetPark stands as the largest office building in the Tampa Bay area, with an expanse nearing 1 million square feet set upon a 98.7-acre site.
The deal, to close on July 3, marked a new chapter for the former East Lake Mall, which saw its transition to an office complex in the 1990s. Despite the challenges that office buildings have faced in recent times, this acquisition signifies a noteworthy confidence in the region's commercial estate market. Notably, the property was 60% leased when Saxum made their purchase, suggesting a level of stability and potential for future growth. As stated by ConnectCRE, NetPark is "the largest office property sold in the Southeast since 2022."
The selling party, Bluett Capital Realty Inc., parted with the property which last exchanged hands back in 2005 for $42.35 million, pointing to a modest appreciation over the nearly two-decade span. According to Tampa Bay Times, the transaction was documented with the Hillsborough County Clerk, emphasizing the procedural nature of such a substantial real estate transaction.
NetPark boasts a range of on-site amenities that are bound to entice current and prospective tenants. Among these are a modern fitness facility, a dedicated dining hall, a sprawling conference center with an auditorium, on-site childcare services, and a HART bus transfer station for accessible transportation. This ensemble of facilities plays a critical role in the day-to-day operations and culture of the businesses situated within the complex. "It was originally developed in 1976 as the East Lake Mall before being converted to offices in the 1990s," noted CommercialSearch, documenting the location's storied history and evolution over the past decades.
This real estate move by Saxum Real Estate Partners firmly plants their flag in the Tampa Bay market, potentially signaling a strategic shift or a broader interest in the Southeastern office space. As office properties navigate the currents of post-pandemic adjustments and evolving workplace practices, transactions such as the NetPark sale become indicators of market resilience and adaptive investment strategies.
