Priam Capital Enters Tampa Bay Office Market
- Aug 13, 2018
Priam Capital has purchased The Collection at Sabal Park in Tampa, Fla. IP Capital Partners sold the 435,837-square-foot, eight-building office portfolio for $52 million. The acquisition marks Priam Capital’s first venture in the Tampa Bay market.
Cushman & Wakefield’s Executive Director Rick Brugge, Vice Chairman Mike Davis and Executive Director Michael Lerner brokered the deal on behalf of the seller. The new owner retained the brokerage company to lease and manage the eight properties.
“The Collection at Sabal Park is a large suburban office portfolio in a very nice mixed-use park with varying product types and quality that meets many different tenant needs,” Rick Brugge, Cushman & Wakefield’s executive director, told Commercial Property Executive. “The location is excellent in the middle of the I-75 Corridor. The size of the portfolio also offers critical mass to the owner.”
The addresses for the eight buildings are 10117, 10002, 9950 and 9720 Princess Palm Ave. and 3923-3925, 3901, 3829 and 3922 Coconut Palm Drive, consisting of four multi-story buildings and four single-story buildings, and ranging in size from 21,300 to 135,362 square feet. All eight buildings in the portfolio are located within Sabal Park, a 4.8 million-square-foot, master-planned business park at the interchange of Interstate 75 and Dr. Martin Luther King Jr. Boulevard. Sabal Park also includes five restaurants, five hotels, a bank and a full-service child care facility.
At the time of sale, the Collection at Sabal Park was 86 percent leased to a tenant roster that includes Coca-Cola, Permanent General, U.S. Army Corps of Engineers, Sodexo, Advantage Sales and Marketing and Taylor Morrison. According to Brugge, Sabal Park is a choice corporate destination in Tampa’s I-75 Corridor that appeals to a wide variety of tenants as it’s just 10 minutes from downtown Tampa.
Impressive Tampa market
Cushman & Wakefield’s latest MarketBeat report on the Tampa office market revealed the overall vacancy rate for office in Hillsborough County fell over the past 12 months by 160 bps to 10.9 percent, its lowest numbers since 2006. Additionally, Class A office space tenant demand and absorption pushed overall vacancy rates to 7.8 percent, the lowest Class A overall vacancy rate in more than 20 years.
“Real estate fundamentals remain strong in Tampa Bay and should remain strong as long as we continue to have solid population and job growth,” Brugge said. “Interest from investors was very strong.”
Earlier this month, The Bromley Cos. selected Cushman & Wakefield to oversee office leasing at Midtown Tampa, an upcoming 1.8 million-square-foot, mixed-use project in the area.
Image courtesy of Cushman & Wakefield