MIAMI—A three-property office portfolio has secured $41.5 million in joint venture equity and financing. The class A office assets span 312,543 square feet in Tampa’s Gateway submarket.
HFF worked exclusively on behalf of the borrower, Cardinal Point Management, to secure a $28 million, five-year first mortgage loan through Wells Fargo. Halstatt Real Estate Partners provided $13.5 million in joint venture equity.
“This is a great example of a local sponsor who knows the market very well, partnering with an institutional equity partner to acquire a portfolio of Class A office assets in a very tight submarket within the Tampa MSA,” HFF director Chris Drew tells GlobeSt.com. Drew, managing director Hermen Rodriguez, director Luis Castillo, and senior real estate analysts Jorge Portela and Jose Carrazana worked on the deal.
The three office properties are located at 740, 780 and 800 Carillon Parkway close to the Tampa International Airport and Interstate 275 along the eastern edge of Pinellas County. Collectively, the properties are 94% leased to tenants including Allstate, Humana, SunTrust Bank, and Lincoln National Life Insurance.
“This venture was arranged in approximately 70 days and demonstrates that both equity and debt is readily available in select markets throughout the Tampa MSA for highly qualified sponsors such as Cardinal Point Management,” says Drew. “During the past 24 months, HFF has completed approximately $1 billion of office capitalizations throughout Florida.”
Cardinal Point Management, LLC is a well-capitalized and highly experienced investment management firm with an institutional background. The firm is focused on value-add residential and commercial real estate acquisitions for assets throughout West Florida.