Tampa, FL (PRWEB) July 23, 2012
Steven Silverman, the Broker at Tampa Commercial Real Estate was the broker in the sale of the 57,200 landmark office building located in Sulphur Springs, Tampa.
Originally built for a bank and offices,as an offices, building has long been a feature of the Tampa landscape is notorious for its chequered past. At the time of sale the building, was vacant but was it previously occupied by the Tampa Bay Tabernacle. Leaders of a prior organization that had occupied the building, "Greater Ministries" had been convicted of operating a pyramid scheme and selling unregistered securities. The former church officials at the Greater Ministries had bilked investors out of millions of dollars. The building at one time also housed the offices of the Florida Department of Corrections. Before that it was a Bank with one of the first drive-through facilities in Tampa.The years of neglect since the Tampa Bay Tabernacle was shut down left the building in a poor condition. Extensive renovation will be required.
Looking past the immediate problems with the building the broker recognized the potential upside for the right investor. Located adjacent to the Bird Street exit from I-275, the building enjoys exceptional visibility from the 156,000+ cars that pass the building on I-275 each day. The building is convenient to all parts of Tampa. Over 320,000 people live within 5 miles. The property is adjacent to the Sulphur Springs Park and swim center and across the street from the Tampa Greyhound facility. A new medical facility is opening next door.
The Seller had taken back the building in foreclosure from the Tampa Bay Tabernacle after the facility was shut down by regulators
Selling this property required a broad marketing campaign to expose the property to potential Buyers. In addition to conventional marketing, the Broker marketed the property at commercial pitch sessions and conducted open houses for commercial real estate brokers.
The marketing efforts of Tampa Commercial Real Estate reached Buyers throughout the USA and overseas. The Buyer is part of a German investment group with offices in Miami. Recognizing that he building is in need of extensive work the Buyers plan to rehabilitate the building sequentially, floor by floor. The Buyers see the opportunity to restore the building to its former condition. If they are successful in this, no only will it provide a very high return on the investment, it will also help in the rebuilding of the local area which has been economically depressed. A new medical center has opened adjacent to the building on the corner of Bird Street and Nebraska Ave
The building has three passenger elevators plus a freight elevator. There are many potential uses for the building. The first floor which houses the large sanctuary as used by the Tampa Bay Tabernacle would be ideal for a religious facility or event hall that operates on weekends. The upper floors which contain offices and a school could be leased out for Offices, an Art Center, a school etc. While the sale of the building was in the due diligence period, the Broker started to market the property to potential tenants for lease. By the time the closing date of the sale arrived, Silverman already had tenant prospects in place so that the investors could benefit by having an immediate income stream after taking possession
Steven Silverman, the Broker at Tampa Commercial Real Estate who represented both the Seller and Buyers the Seller is on the Board of the Florida Gulf Coast Commercial Assoc. of Realtors and is also on the board of the Florida CCIM Chapter (Certified Commercial Investment Member).