Hillsborough County Office Sales Report | August 2019
Historical report: August 2019. This report summarizes Hillsborough County office sales recorded when the original report was prepared. These figures provide historical context and do not reflect current property values.
Hillsborough County Office Sales: August 2019
August 2019 recorded 21 professional and medical office transactions totaling $120,458,500. The report included 15 professional office entries and six medical office entries.
The largest transaction was the $80 million sale of 3000 Bay Port Drive in Tampa. That sale accounted for approximately 66% of the month’s reported volume, making it a major influence on the overall results.
Sales Summary by Property Type
| Metric | Professional Office | Medical Office |
|---|---|---|
| Reported Transactions | 15 | 6 |
| Total Sales Volume | $100,115,000 | $20,343,500 |
| Average Sale Price | $6,674,333 | $3,390,583 |
| Reported Average Price/SF | $177.77 | $203.00 |
Largest Office Sale: 3000 Bay Port Drive
The professional office property at 3000 Bay Port Drive in Tampa sold for $80,000,000. The original report listed:
- Building area: 262,369 square feet
- Land area: 14.68 acres
- Year built: 1985
- Sale price per square foot: $304.91
Two other substantial transactions were the $15.1 million professional office sale at 14497 N Dale Mabry Highway and the $16,948,400 medical office sale at 560 S Lakewood Drive. Together with Bay Port Drive, these three sales represented approximately 93% of the month’s reported volume.
August 2019 Professional Office Sales
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| Property Address | City | Building SF | Sale Price | Price/SF |
|---|---|---|---|---|
| 4907 S West Shore Blvd A22 | Tampa | 596 | $105,000 | $176.17 |
| 4710 N Habana Ave 200 | Tampa | 1,653 | $237,500 | $143.68 |
| 8340 Stone Run Ct 3 | Tampa | 3,162 | $490,000 | $154.97 |
| 500 Vonderburg Dr 213 | Brandon | 1,998 | $195,000 | $97.60 |
| 2919 W Swann Ave 400B | Tampa | 1,359 | $340,000 | $250.18 |
| 701 Howard Ave 203 | Tampa | 3,424 | $925,000 | $270.15 |
| 219 Cook St | Brandon | 1,929 | $333,500 | $172.89 |
| 14497 N Dale Mabry Hwy | Tampa | 131,908 | $15,100,000 | $114.47 |
| 110 W Columbus Dr | Tampa | 2,572 | $475,000 | $184.68 |
| 2904 W Columbus Dr | Tampa | 2,214 | $300,000 | $135.50 |
| 11963 N Florida Ave | Tampa | 1,980 | $305,000 | $154.04 |
| 1727 W Columbus Dr | Tampa | 810 | $159,000 | $196.30 |
| 3109 Lithia Pinecrest Rd | Valrico | 5,382 | $845,000 | $157.00 |
| 11961 N Florida Ave | Tampa | 1,980 | $305,000 | $154.04 |
| 3000 Bay Port Dr | Tampa | 262,369 | $80,000,000 | $304.91 |
| Professional Office Total | $100,115,000 | |||
August 2019 Medical Office Sales
| Property Address | City | Building SF | Sale Price | Price/SF |
|---|---|---|---|---|
| 10933 Countryway Blvd | Tampa | 2,500 | $503,100 | $201.24 |
| 560 S Lakewood Dr | Brandon | 54,028 | $16,948,400 | $313.70 |
| 1442 W Busch Blvd | Tampa | 2,566 | $320,000 | $124.71 |
| 619 Eichenfeld Dr | Brandon | 6,823 | $1,170,000 | $171.48 |
| 10420 S 301 Hwy | Riverview | 4,482 | $875,000 | $195.23 |
| 1110 Nikki View Dr 34 | Brandon | 2,490 | $527,000 | $211.65 |
| Medical Office Total | $20,343,500 | |||
What These Sales Show
August’s results were concentrated in a few large transactions. The professional office average sale price was heavily influenced by Bay Port Drive, while the Lakewood Drive transaction accounted for most of the medical office sales volume.
For an individual property, relevant comparisons require more than a monthly average. Location, building size, condition, occupancy, lease terms, and land characteristics all affect how closely a sale compares to another property.
Source: Hillsborough County Property Appraiser public records, compiled by John Milsaps for the original August 2019 report. Transactions reflect records available when the report was prepared. Property details and classifications are reproduced from that historical report.
Discuss Your Office Property’s Value
Considering selling an office or medical office property in Hillsborough, Pinellas, or Pasco County? Contact John Milsaps to discuss relevant sales and your property’s position in the market.