Cush&Wake Lends a Hand with Tampa Office Sale
- Jul 15, 2016
St. Petersburg-based investor Cardinal Point Management purchased the asset for $27.4 million from Philadelphia-based Equus Capital Partners. The capital markets team consisting of Senior Managing Director Paul Carr and Vice President Rick Colon represented the seller in the disposition. At the time of sale, Riverside at Telecom Park was 100 percent leased to six high-quality tenants. Colliers International is the leasing manager of the building, according to Yardi Matrix.
The 5-story building features a distinctive architectural design with granite and glass exterior, and a five-story atrium and center core design with flexible 35,000-square-foot floor plates, 2,300 square feet of retail on the first floor and 715 parking spaces. The building was institutionally maintained by the previous owner, who had invested more than $2 million in capital improvements.
The asset is situated on 16.79 acres at 12470 Telecom Drive in Tampa Telecom Park, one of the premier corporate business parks in Hillsborough County, with nearly 2 million square feet of mixed-use development and limited remaining land for new construction.
“Riverside at Telecom Park offered investors the opportunity to acquire a fully leased, Class A office asset in a desirable mixed-use business park,” said Carr. “The acquisition also presented an upside and value-add component with below-market rents in place and a well-balanced lease rollover schedule.”
Last month, Cushman & Wakefield brokered a $32 million office sale in Tampa’s Westshore business district and, most recently, signed 7 new leases at BayView Corporate, a 12-story office building in Ft. Lauderdale.
Image courtesy of Yardi Matrix