Colliers Facilitates Tampa Office Sale
- Nov 22, 2016
By Robert Demeter
IP Capital Partners LLC, a private real estate investment and asset management firm headquartered in Boca Raton, Fla., acquired the property for $30 million from Clearwater, Fla.-based Wilder Corp. of Delaware. Colliers International Tampa Bay’s Vice President of Investment Services John Gerlach facilitated the transaction, and Florida Community Bank provided a $25 million acquisition loan, according to Yardi Matrix.
Built in 1985, the asset offers 19,600 to 20,000-square-foot floor plates, an expansive lobby with an atrium and café, as well as a six-story parking garage. IP Capital Partners plans to make significant updates and improvements to the 13-story office building, including refurbishing the elevators, lobby and restrooms, as well as installing a new roof. Airport Executive Center is currently 70 percent leased and notable tenants include the Internal Revenue Service, U.S. Customs and Bank of America.
The property is situated at 2203 N. Lois Ave., at the Corner of Lois Avenue and Spruce Street. Airport Executive Center is located in a high-traffic area in one of the largest office communities in Florida. The building’s central location provides convenient access to Tampa International Airport, Raymond James Stadium, and a variety of shopping and dining options.
“Airport Executive Center is a well-positioned office property for a value-add investment strategy by the new owner, IP Capital,” said Gerlach. “The highly valued location coupled with the necessary, planned capital improvements give the buyer an excellent opportunity to bring the property up to a Class A status with corresponding market rents, all resulting in an increased value.”
IP Capital Partners has also purchased the Westwood Office Center recently, which is across the street from the Airport Executive Center.
Photo courtesy of Yardi Matrix