ORLANDO—Westshore Center, a 216,410-square-foot, class A office building in Tampa, FL, has traded hands. Financial terms of the deal were not disclosed.

Cushman & Wakefield executive director Mike Davis, senior director Rick Brugge, and senior director Michael Lerner represented an institutional owner in the transaction. Roseview-PMRG Fund I, LLC, a joint venture between Roseview Group and PM Realty Group, acquired the asset. CushWake senior managing director Michael Ryan and managing director Brian Linnihan of the firm’s Debt, Equity, and Structured Finance group, arranged financing.

“Market dynamics in the Westshore area continue to improve with vacancy rates trending lower and rental rates rising quickly,“ Brugge tells GlobeSt.com. ”With the lack of new speculative construction and robust job growth in the office-using sectors of the economy we project rents will continue to rise.”

Built in 1994, Westshore Center is a nine-story office building with panoramic views of Tampa Bay, Westshore, and Downtown Tampa. The building has been institutionally owned and managed and underwent extensive lobby renovations in 2014.

“The sale of Westshore Center is representative of these market dynamics and strong investor demand for quality office assets,” says Brugge. The office property is 88% occupied. The buyer will make significant capital improvements, including common corridor and bathroom renovations, upgrades to building systems inclusive of elevator modernizations and new chillers, and planned exterior renovations.

Westshore Center is located in Tampa’s Westshore submarket, Florida’s largest suburban office market. The office property sits at 1715 North Westshore Boulevard provides access to the International Plaza and Bay Street mall, Tampa International Airport, Interstate 275, the Veterans Expressway, and Dale Mabry Highway.

“The Westshore submarket continued its well-deserved reputation as a top office destination, as evidence by its direct vacancy dropping a percentage point to 10.4%, and its 3.3 percentage-point decrease since the end of 2013,” writes senior research analyst Stephen Keith in CushWake’s 2Q 2015 Tampa Office Marketbeat report. “The market posted 334,201 square feet of positive net absorption during the second quarter. This is the fourth consecutive quarter of positive absorption and a 235,301-square-foot increase from the first quarter of 2015.”

The immediate area surrounding Westshore Center has recently transitioned from a suburban setting to an urban core, a trend which has attracted the interest of Millennials who desire a live-work-play environment. This demographic shift has been documented in Cushman & Wakefield’s Facing the Millennial Wave report and further substantiated by the firm’s CORE VALUES: Why Companies Are Moving Downtown compendium.

More than 1,000 high-end residential units have been built in the immediate market during the last six years and an additional 986 units are under construction with 500 more units proposed. Even with a steadily growing supply of housing, demand remains strong. Residential rents in the area range from $1.50 to $2 per square foot per month, some of the highest in the Tampa market.

CushWake’s Fall 2014 Urban Development Report indicated that Miami is a prime candidate for such developments, as the fourth-fastest growing Metro Area in North America behind only Atlanta, Toronto, and Washington, D.C.

“Miami’s urban core is undergoing a transformation unlike any other seen in the market before, including the development boom of the mid–2000s,” reads the report. “The CBD is a mere 1.7-mile area with a daytime population of over 200,000 people—and growing. More than 74,000 people live in the Downtown Miami market, which is double the number from just 10 years ago,” continues the report. “Specifically in the CBD, households have increased 93 percent, and a substantial portion of residents are young [57% in the 20–44 age range].”