Tampa Bay Office Sales Report | January 2019
Historical report: January 2019. This report preserves the office sales included in the original Tampa Bay compilation. The listed transactions are in Hillsborough and Pinellas counties; no Pasco County transactions appear in this log. These historical figures do not represent current property values.
Tampa Bay Office Sales: January 2019
The January 2019 office sales log included 25 transactions totaling $58,072,500 across 506,184 square feet. The average transaction value was $2,322,900, and the average of the individual transaction prices per square foot was $181.62.
The largest transaction was the $28,957,500 sale of The Austin Center, a seven-building office complex in Tampa’s Westshore Office District. That sale accounted for approximately half of the month’s recorded sales volume.
Sales Summary
| Metric | January 2019 |
|---|---|
| Listed transactions | 25 |
| Total sales volume | $58,072,500 |
| Total building area | 506,184 SF |
| Average sale price | $2,322,900 |
| Average individual price/SF | $181.62 |
| Largest sale | $28,957,500 |
| Highest individual price/SF | $344.10 |
The average price per square foot is the arithmetic average of the individual transaction figures, rather than total sales volume divided by total building area.
January Sales Highlights
- Largest sale: The Austin Center at 1111 N. West Shore Boulevard in Tampa sold for $28,957,500. The original report describes seven buildings totaling 322,139 SF on 10.37 acres, with a recorded price of $89.89/SF.
- Second-largest sale: 200 S. Hoover Boulevard in Tampa sold for $8,750,000. The property included 76,172 SF on 5.40 acres, or $114.87/SF.
- Highest price per square foot: 511 E. Bloomingdale Avenue in Brandon sold for $2,375,000. Its listed building area of 6,902 SF produced a recorded price of $344.10/SF.
January 2019 Office Sales Log
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| Address | City | ZIP | Acres | Building SF | Sale Date | Sale Price | Price/SF |
|---|---|---|---|---|---|---|---|
| 217 N Howard Ave 102 | Tampa | 33606 | 0.00 | 1,468 | 1/2/2019 | $399,000 | $271.80 |
| 2849 Executive Dr #200 | St. Petersburg | 33762 | 3.12 | 3,679 | 1/3/2019 | $310,000 | $84.26 |
| 18286 N US Highway 41 | Lutz | 33548 | 0.09 | 3,250 | 1/3/2019 | $347,700 | $106.98 |
| 5611 Skytop Dr | Lithia | 33547 | 1.98 | 18,078 | 1/3/2019 | $5,700,000 | $315.30 |
| 712 W Dr Martin Luther King Jr Blvd | Plant City | 33563 | 1.02 | 8,211 | 1/4/2019 | $492,000 | $59.92 |
| 14020 N 46th St | Tampa | 33613 | 2.43 | 11,254 | 1/4/2019 | $950,000 | $84.41 |
| 508 S Habana Ave 160 | Tampa | 33609 | 0.00 | 1,863 | 1/4/2019 | $558,300 | $299.68 |
| 16622 N Dale Mabry Hwy | Tampa | 33618 | 0.07 | 2,984 | 1/4/2019 | $585,000 | $196.05 |
| 3438 Colwell Ave | Tampa | 33614 | 0.77 | 3,141 | 1/8/2019 | $500,000 | $159.18 |
| 511 E Bloomingdale Ave | Brandon | 33511 | 5.10 | 6,902 | 1/8/2019 | $2,375,000 | $344.10 |
| 2602 E 7th Ave | Tampa | 33605 | 0.54 | 10,282 | 1/10/2019 | $2,000,000 | $194.51 |
| 1019 9th Ave N | St. Petersburg | 33705 | 0.29 | 1,325 | 1/14/2019 | $280,000 | $211.32 |
| 8619 N Dixon Ave | Tampa | 33604 | 0.54 | 3,634 | 1/15/2019 | $350,000 | $96.31 |
| 1727 S Pinellas Ave | Tarpon Springs | 34689 | 0.59 | 1,753 | 1/15/2019 | $412,500 | $235.31 |
| 1401 East Bay Dr | Largo | 33771 | 0.36 | 1,998 | 1/15/2019 | $236,000 | $118.12 |
| 127 N Garden Ave | Clearwater | 33755 | 0.64 | 11,029 | 1/15/2019 | $1,490,000 | $135.10 |
| 1111 N West Shore Blvd | Tampa | 33607 | 10.37 | 322,139 | 1/16/2019 | $28,957,500 | $89.89 |
| 360 6th St S | St. Petersburg | 33701 | 0.40 | 6,700 | 1/17/2019 | $1,450,000 | $216.42 |
| 2012 4th St N | St. Petersburg | 33704 | 0.09 | 1,079 | 1/23/2019 | $350,000 | $324.37 |
| 11210 N 30th St | Tampa | 33612 | 0.67 | 3,546 | 1/24/2019 | $650,000 | $183.31 |
| 1015 7th Ave N | St. Petersburg | 33705 | 0.04 | 768 | 1/25/2019 | $120,000 | $156.25 |
| 326 W Bearss Ave 4 | Tampa | 33613 | 0.00 | 2,020 | 1/25/2019 | $355,000 | $175.74 |
| 200 S Hoover Blvd | Tampa | 33609 | 5.40 | 76,172 | 1/28/2019 | $8,750,000 | $114.87 |
| 9225 Ulmerton Rd #L | Largo | 33771 | 0.05 | 1,886 | 1/29/2019 | $172,000 | $91.20 |
| 3434 4th St N | St. Petersburg | 33704 | 0.34 | 1,023 | 1/30/2019 | $282,500 | $276.15 |
| Total: 25 transactions | 506,184 | $58,072,500 | |||||
Putting the Results in Context
The original report cited 48 transactions in December 2018. Compared with the 25 listed January transactions, that represents a decrease of approximately 47.9% in transaction count. The original January introduction stated 24 transactions, but its table contains 25 entries.
The Austin Center transaction had a substantial influence on both total sales volume and average transaction size. A large office complex should be evaluated separately from smaller offices and individual condominium units when selecting comparable sales for a particular property.
Source: John Milsaps’s original January 2019 office sales compilation. Summary figures were recalculated from the listed transactions. Individual property records have not been independently reverified. Addresses and acreage follow the original log; zero acreage entries do not establish that a property has no associated land.
Discuss Your Office Property’s Value
Considering selling an office or medical office property in Hillsborough, Pinellas, or Pasco County? Learn more about selling commercial office space, or contact John Milsaps to discuss relevant sales and your property’s position in the market.