September 5th, 2023
Birtcher Anderson & Davis, along with its partner Belay Investment Group, today announced the sale of a 180,367 square foot eight-building light industrial project located a few miles north of the Tampa International Airport in Tampa, FL. The property is 100% leased to thirty tenants and located in a prime, last-mile location in one of Tampa’s most prominent submarkets. The property was acquired in 2021.
Birtcher Anderson & Davis and Belay Investment Group engaged Colliers National Partners Southeast (Ryan Vaught) to market the property for sale. “The Colliers team led by Ryan Vaught was instrumental in helping us tap into what remains strong investment interest in Central Florida light industrial property in spite of a lot of macroeconomic ‘noise.’ We were pleased to exit the property earlier and at a stronger price than we underwrote following some aggressive management of lease expirations (with the help of Colliers’ leasing team led by Robyn Hurrell) that capitalized on vibrant market conditions, with supply remaining constrained while demand is fueled by the population growth and job creation” said Bob Anderson, Birtcher Anderson & Davis Co-Chairman.
“We are pleased to have outperformed underwriting on our Sunstate exit and excited to have successfully executed another business plan alongside our partners at Birtcher, who maintained their high standard as asset managers over the course of our first realized investment in the Southeast” said Eliza Bailey, Co-Founder, Chief Executive Officer & Chief Investment Officer of Belay. “Our favorable exit from Sunstate speaks to the strong fundamentals currently at play in the Tampa industrial market and demonstrates ongoing demand for quality, well-located, and functional real estate from end users across the spectrum” said Jake Loughridge, Managing Director at Belay.
The Sunstate disposition marks the fourth successful exit in Birtcher and Belay’s nearly three-year partnership which, from its inception, has been focused on the execution of value-add strategies at well-located infill and last mile multi-tenant light industrial assets. The Sunstate exit follows in the wake of two completed sales transactions involving Southern California assets through late 2022 and 2023, as well as the sale of a Dallas Fort-Worth cold storage facility, which closed in April.
About Belay Investment Group
Belay Investment Group, LLC is a real estate investment management firm that pursues equity and debt investment opportunities across all property types, primarily middle-market infill properties in urban/suburban transit hub markets, on behalf of its institutional investors. Belay implements its investment strategies through long-term programmatic relationships with high caliber, local operating partners and sector specialists. The firm has earned a reputation in the industry for supporting the growth and development of operators (including diverse firms), beyond providing investment capital. Visit www.belayinvestmentgroup.com for more information
About Birtcher Anderson & Davis
Birtcher Anderson & Davis (“BA&D”) is a California based, privately-owned real estate investment, development, and property management firm located in San Juan Capistrano, CA with additional satellite locations in CA, NV, and AZ. BA&D is a vertically integrated real estate operating company focused on acquiring value-add, middle-market, multi-tenant warehouse and light industrial properties in high growth U.S. markets. For more information visit: www.birtcherandersondavis.com