Tampa Office Campus Trades for $53M
- May 09, 2019
A fund managed by DRA Advisors LLC has sold Concourse Center, a 294,621-square-foot office campus in Tampa, Fla. The Dilweg Cos. purchased the asset for $53.3 million, according to Yardi Matrix data. The sale was subject to a $44.9 million acquisition loan originated by BankUnited. Cushman & Wakefield represented the seller in the transaction. On behalf of the new ownership, CBRE will be responsible for property leasing and management.
Located at 3501, 3503, 3505 and 3507 E. Frontage Road, Concourse Center is just off Memorial Highway and close to Interstate 275 and Veterans Expressway, transportation routes linking Tampa with Pinellas County. Downtown Tampa is within a 10-minute drive and Tampa International Airport is only 3.3 miles away.
The office park encompasses four three-story buildings ranging from 73,180 to 74,533 square feet. The assets were constructed between 1982 and 1984 on a roughly 12.4-acre park-like campus within Tampa’s Westshore Business District. Amenities include high-speed fiber access, a café and two structured garages for 1,472 parking spaces. The property was 90 percent leased at the time of sale.
The Cushman & Wakefield Capital Markets team that negotiated the deal consisted of Vice Chairman Mike Davis, Executive Director Rick Brugge and Director Rick Colon. In January, the same team arranged the $48.5-million sale of a Class A office building in Orlando.