A team led by CB Richard Ellis Inc. Orlando Florida Investment Properties Group senior vice president Ronald Rogg represented the seller in the transaction, a fund managed by DRA Advisors LLC. Other team members included Mike Harrell, Mark Shellabarger and Ginger Gelsheimer.
The properties were part of a larger portfolio acquired by DRA Advisors. "DRA decided to take advantage of the strong office market conditions in Tampa and St. Petersburg and spun off some of the properties," Gelsheimer tells GlobeSt.com.
Cypress Creek decided to acquire the property because the company has been actively seeking properties in the area for acquisition. "They're trying to get critical mass in this market," she says.
Gelsheimer adds that the park is divided so that newer properties are located on one side and older ones on the other side. "I imagine Cypress Creek will do some redevelopment of the property down the road," she says.
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