C&W Closes $27M Deal in Tampa Business District
- Sep 26, 2016
By Robert Demeter
Tampa, Fla.—Cushman & Wakefield has negotiated the sale of TriPointe Plaza, a 71,660-square-foot, mixed-use development in Tampa’s Westshore submarket. Tampa-based Cardinal Point Management acquired the asset for $27. 3 million ($444 per square foot). The property was sold by RR Tampa LLC and Site Harvest LLC.
The Capital Markets brokerage team of Senior Directors Rick Brugge and Michael Lerner, as well as Executive Director Mike Davis represented the sellers, along with Cushman & Wakefield Senior Directors Patrick Berman and Paula Buffa, together with Managing Director Jason Donald.
TriPointe Plaza is a 4-story, Class A suburban office building consisting of a structured parking garage with in-line retail space on the ground floor as well as a stand-alone restaurant.
The property is located at 4410 and 4448 W. Boy Scout Blvd., south of the International Plaza Mall and Tampa International Airport, with frontage and prime visibility on Boy Scout Boulevard.
“We saw tremendous investor interest in the asset driven by its prominent location, credit tenancy, superior quality and high occupancy,” said Brugge in prepared remarks. “Additionally, the property offered the opportunity to add a high-end rooftop restaurant on site. Because of its unique characteristics, TriPointe Plaza closed at one of the highest per square foot prices of any Tampa Bay asset,” he added.
TriPointe Plaza was 95.7 percent leased at the time of sale. Notable tenants include Synovus Bank, BNY Mellon, Sharp, TD Ameritrade and Darden Restaurants. The building was 2014 BOMA Office Building of the Year.
Photo courtesy of Cushman & Wakefield