Colliers, as exclusive advisor, is pleased to introduce the ICOT Business Center located in the heart of Pinellas County, Florida. This professional business center provides varying suite sizes, above-market parking ratio, proximity to the St. Pete/Clearwater International Airport, and nearby amenities that enhance employee retention.
Offered Free and Clear: The Property is offered free and clear of existing financing and is an ideal fit for a 1031 exchange requirement.
Isolated Ecosystem: Pinellas County functions as a smaller ecosystem within the Greater Tampa Bay MSA, enabling a predictable forecast of demand profiles and economics.
High Quality Tenancy: The Rent Roll provides an investor with a diverse set of Tenant industries, coupled with a staggered lease roll averaging approximately 10.9 % roll over the next three years.
High Barriers to Entry: Located in the most densely populated county (Pinellas) within the state of Florida, the Property benefits from having a competitive set with limited alternative like-kind assets creating long-term, predictable growth in rents.
Coveted Single-Story Product: A highly desirable asset class across the CRE spectrum, the Property provides a future investor with garden style suite sizes ranging from 890 SF up to 12,170 SF.
Value-Add and Upside Potential: The Property is ±73% leased and is expected to trade significantly below replacement cost with the opportunity to continue converting and increasing to higher market NNN rents (± 3.5 Year W.A.L.T.).