Cushman & Wakefield Brokers $32M Sale of 187 KSF Office Campus In Tampa Business District
- Jun 14, 2016
Tampa–Cushman & Wakefield recently brokered the $32 million sale of Corporate Oaks, a 186,854-square-foot office campus located in Tampa’s Westshore business district. The Capital Markets team comprised of Executive Director Mike Davis, and Senior Directors Rick Brugge and Michael Lerner represented the seller in the disposition. Connecticut-based Next Generation Net Lease Management LLC was the buyer.
Developed in 1983, The Corporate Oaks spreads across 11.4 acres and is located at 5405, 5445 and 5505 West Cypress Streeton. The office campus is comprised of three three-story office buildings, equipped with full-building backup generators, two elevators, a central staircase and covered exterior walkways. The campus includes an on-site deli, fitness center, as well as a three-story parking garage and surface parking. The property provides convenient access from both sides of Tampa Bay, and it is located near the Tampa International Airport and only 10 minutes from downtown Tampa.
New York Life Insurance Co. fully occupies The Corporate Oaks campus with approximately 920 employees. The company houses the insurer’s AARP program headquarters on a long-term insurance lease that runs through 2024.
Over $1.5 million in improvements have recently been invested into the property, including upgrades to interior finishes, elevators, HVAC systems and the parking garage. Additionally, New York Life has invested $2.7 million in interior upgrades.
“Corporate Oaks provided investors with the opportunity to acquire a recently renovated asset in a premier location with a highly rated credit tenant in place on a long-term lease,” said Davis in prepared remarks. “Opportunities such as this are very rare, and it garnered a tremendous amount of interest.”
“The asset’s irreplaceable location in the heart of Tampa’s Westshore district drove demand from single-tenant net lease buyers as well as conventional real estate players,” added Brugge.
Image courtesy of Yardi Matrix