CBRE Trust Acquires 121 KSF Tampa Office Building
- Feb 01, 2012
February 1, 2012
By Barbra Murray, Contributing Editor
CB Richard Ellis Realty Trust has expanded its presence in Florida with the purchase of Sabal Pavilion, a 120,500-square-foot office building in Tampa. The fully leased Class A property last changed hands in 2006, when KBS Real Estate Investment Trust snapped it up for just under $24.3 million.
CBRE Realty Trust is not disclosing the purchase price of the asset; however, the transaction did include the assumption of debt.
Carrying the address of 3620 Queen Palm Dr., Sabal Pavilion first opened its doors in 1998 within Sabal Park, a master-planned business complex in the East Tampa submarket. Since 1999, the building has been home to Ford Motor Credit Co., which recommitted to the location last July by extending its lease for an additional 10 years beyond the previously scheduled expiration of 2017.
CBRE Realty Trust competed with other investors who were eager to snap up the asset, and for good reason. “Some of those criteria that were particularly appealing in this investment were the length of the remaining lease term, the credit of the tenant, an appealing initial yield and the nature of the function of the property to our tenant,” Philip L. Kianka, executive vice president and COO of CBRE Realty Trust, told Commercial Property Executive.
With the addition of Sabal Pavilion to its holdings, CBRE Realty Trust now owns 14 assets in Florida. While the Sunshine State is the second largest market in CBRE Realty Trust’s portfolio, it is not the only location on the firm’s radar right now. “We have found some very attractive acquisitions in Florida; however, our focus is not on a particular market but rather our commitment to our investment philosophy of finding the right acquisitions that fit our investment criteria,” Kianka said. “We will continue to look at other investments and continue to diversify our portfolio where we believe best serves our shareholders.”