Los Angeles, CA and Tampa, FL
Kay Properties has successfully completed the Tampa International Business Center 1 DST in Tampa, FL. This DST property was made available to accredited investors under Regulation D Rule 506c and had a total offering equity raise of $9,300,000.
The Tampa International Business Center 1 DST was an all-cash/debt-free DST offering available for 1031 exchange and direct cash investors. The property was a 50,018 square foot, two-building portfolio that is 100% leased for 10+ years.
Dwight Kay, Founder and CEO of Kay Properties commented, “The Tampa International Business Center 1 DST is another example of how Kay Properties continues to provide for our accredited clients exclusive debt-free properties for their 1031 exchanges. We are pleased to add this offering to our portfolio which now includes over 1 million square feet of office, industrial and multifamily DST offerings.”
Chay Lapin, Senior Vice President at Kay Properties added, “We are thrilled to have been able to provide for our clients a debt-free DST investment in the income tax free state of Florida, with a long term corporate lease and located nearby the Tampa International Airport.”
Jason Salmon, Senior Vice President and Managing Director of Real Estate Analytics at Kay Properties commented, “Many of our clients sought out the Tampa International Business Center 1 offering because of the reported strength of the Tampa commercial real estate market in addition to the tenants long-term lease in place until 2028. Investors not requiring debt for their 1031 exchanges also chose the deal as part of a diversified portfolio strategy; especially those that opted to not take on additional debt for their transaction.”
Betty Friant, Senior Vice President out of Kay Properties and Investments Washington D.C. office, added, “The Tampa International Business Center DST tenant is one of the largest managed healthcare providers in the country. The location near the Tampa International Airport is an added bonus for the potential long term viability of the property.”