For Immediate Release
David Binder, Vice President, MLG Capital
MLG Capital’s Private Funds II & III Announce Latest Acquisition
Breckenridge Park – Tampa, FL
September 19th, 2017 – MLG Capital is pleased to announce its latest acquisition of Breckenridge Park, a 334,279 square foot industrial/flex business park property in Tampa, Florida.
Breckenridge Park benefits from a fantastic location within the Tampa MSA. The property is located within Tampa’s second largest industrial submarket. This location has access to four major thoroughfares, including Interstates 4 & 75, and approximately 150,000 cars pass this location daily. Florida is one of the fastest growing states in the country, and Tampa is one of the key growing markets in the state with a large and growing population.
The property was acquired at ±66% occupied compared to the average submarket occupancy for light industrial at ±97% and office occupancy of ±93%. MLG plans to grow the occupancy at this business park by investing in and enhancing the landscaping, exterior appearance, and internal suites.
Craig Lashley, Principal of MLG Capital, said “We are very excited about the Breckenridge Business Park acquisition. The quality of construction and location of this asset is unrivaled by the competitors in the market. We look forward to adding value with our local operating expertise and tenant centric management approach.”
MLG has hired the Jones Lang LaSalle (“JLL”) team of John Dunphy, Ryan Vaught, and Robyn Hurrell to lease the property. The property management team of Anne Kupperman, Jonathan Harrell, and AnnMarie Malyah will handle the daily management of the property.
“JLL is pleased to be representing MLG for leasing and management services for Breckenridge Business Park,” said John Dunphy, Senior Vice President of JLL. “Located at I-4 and 301, we believe that Breckenridge is the best positioned park in the county. The new owners have multiple capital improvements planned, and we are confident that together, we can make Breckenridge the most desirable business park in the county. Breckenridge offers both office and industrial space with dock high and grade level loading options in spaces ranging from 1,500 sf to 40,000 sf.”
Thankfully, there was no material damage to Breckenridge Park as a result of Hurricane Irma.
MLG Capital recently opened its third fund, MLG Private Fund III LLC, a $150 Million equity fund that is currently accepting new investors. Since the launch of its inaugural diversified fund, MLG Private Fund LLC, in 2012, MLG Capital’s funds have active, 3rd party managed, or pending investments across 6 states consisting of 5.9 Million square feet and over 5,065 apartment units. MLG Capital’s funds target cash on cash yields of 8% with all in net returns of 13-15%/year for our investors.
Investors in MLG Capital’s various private equity funds benefit from investment in a collection of properties with both geographic diversity and property type diversity. MLG Capital focuses on investing in apartments, office, retail, and industrial properties. View more about our latest fund by visiting www.mlgcapital.com/our-investors/current-offering/
To learn more, contact David Binder, Vice President of Private Equity, at (262) 938-4473 or at firstname.lastname@example.org.