Coveted Mixed-Use Development Sells for $444 PSF

Cushman & Wakefield’s capital markets brokerage senior director Rick Brugge

ORLANDO—TriPointe Plaza, a 71,660-square-foot, mixed-use development in Tampa’s white hot Westshore submarket, just traded hands. The sale price: $27.2 million.

Cushman & Wakefield’s capital markets brokerage team of senior director Rick Brugge, executive director Mike Davis, and senior director Michael Lerner represented the sellers, RR Tampa and Site Harvest, along with CushWake senior director Patrick Berman, managing director Jason Donald, and senior director Paula Buffa, represented the seller. Cardinal Point Management acquired the asset for $444 per square foot.

“TriPointe Plaza is arguably the most coveted, boutique mixed-use development in all of Tampa due to its high quality and strategic location,” Brugge tells GlobeSt.com. “We saw tremendous investor interest in the asset driven by its prominent location, credit tenancy, superior quality and high occupancy. Because of its unique characteristics, TriPointe Plaza closed at one of the highest per-square-foot prices of any Tampa Bay asset.

TriPointe Plaza is made up of four-story, class A suburban office buildings, a structured parking garage with in-line retail space on the ground floor, and a freestanding Eddie V’s Prime Seafood & Steaks restaurant. The mixed-use development also has room for a rooftop restaurant with dedicated elevator access and panoramic views of Tampa Bay, Westshore and Downtown Tampa.

TriPointe Plaza sits at 4410 and 4448 West Boy Scout Boulevard in the heart of Tampa’s Westshore district. The site is immediately south of International Plaza Mall and Tampa International Airport with frontage and visibility on Boy Scout Boulevard, one of Tampa’s most upscale thoroughfares.

TriPointe Plaza was 95.7% leased at the time of sale. Synovus Bank, BNY Mellon, Sharp, TD Ameritrade and Darden Restaurants are among the notable tenants at the building, which was 2014 BOMA Office Building of the Year.