CushWake Secures Suburban Tampa Office Sale

The Class A office building located within the Tampa Telecom Park fetched $27.4 million.
Riverside at Telecom Park, Tampa, Fla.

Riverside at Telecom Park, Tampa, Fla.

Tampa, Fla.Cushman & Wakefield has negotiated the $27.4 million sale of a 167,744-square-foot office building in suburban Tampa. Philadelphia-based Equus Capital Partners sold the Class A Riverside at Telecom Park to Cardinal Point Management of St. Petersburg, Fla. Senior Managing Director Paul Carr and Vice President Rick Colon of Cushman & Wakefield represented the seller in the disposition.

“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 in a statement. “The acquisition also presented an upside and value-add component with below-market rents in place and a well-balanced lease rollover schedule.”

The office building was fully occupied at the time of sale by six tenants. The previous owner had recently invested more than $2 million in capital improvements to the structure, which features a granite and glass exterior, five-story atrium and center core design with flexible floor plates. The building is located on 16.8 acres within the Tampa Telecom Park—one of the premier corporate business parks in Hillsborough County.

“Strong leasing activity and increased absorption, especially in the non-CBD submarkets, has kept vacancy low and pushed rents further up,” Florida Research Manager Chris Owen wrote in Cushman & Wakefield’s latest Tampa market report. “Cushman & Wakefield anticipates local economic expansion and job growth to positively impact and fuel additional gains in Tampa’s office market throughout the rest of 2016.”

Image courtesy of Cushman & Wakefield