Tampa Office Park Trades for $20M

The Cushman & Wakefield team of Mike Davis, Rick Brugge and Michael Lerner represented the seller in the transaction. The new owner selected the firm as the exclusive leasing agent for the property.

Bay West
Bay West

Cushman & Wakefield has brokered the $20.3 million sale of Bay West, a 195,558-square-foot office campus in the Westshore Business District of Tampa, Fla. Equus Capital Partners sold the asset to RealOp Investments, and the new owner has retained Cushman & Wakefield as the exclusive leasing advisor for the property.

Wells Fargo Bank provided $17.1 million in acquisition financing to facilitate the transaction, according to Yardi Matrix. Located at 5660-5840 W. Cypress St., Bay West encompasses eight garden-style office buildings completed between 1983 and 1985. Amenities at the office park include on-site management and maintenance services, cafeterias and a surface parking ratio of 3.6 spaces per 1,000 square feet.

Capital improvements

Bay West underwent a $2 million renovation program under previous ownership and is currently 95 percent leased. Notable tenants include Fidelity National Title, GEICO and Beef ‘O’ Brady’s.

The Capital Markets team of Vice Chairman Mike Davis, Executive Directors Rick Brugge and Michael Lerner represented the seller in the transaction. RealOp Investments selected Senior Director Paula Buffa and Director Lauren Coup to spearhead leasing efforts at the property.

“Because of its strategic location in the heart of Tampa’s Westshore Business District, Bay West is well-positioned for continued high occupancy and rent growth,” Brugge said in a prepared statement. “The property is also strengthened by its diverse tenant roster and a general lack of competitive new construction in the Tampa Bay MSA.”

Adjacent to the waterfront Cypress Point Park, Bay West is within minutes of Westshore Plaza, Nordstrom International Plaza and Tampa International Airport. The location provides access to the Veterans Expressway, Interstate 275 and both the Howard Frankland Bridge and the Courtney Campbell Causeway, which connect the city to St. Petersburg and Clearwater, respectively.

Image courtesy of Cushman & Wakefield