756,000 SF Tampa Office Portfolio Changes Hands in $157M Deal
The properties were sold by Angelo Gordon of New York City and Commercial Florida Realty Partners.
TAMPA, FL—A partnership of Partners Group, based in Zug, Switzerland, and Parkway Property Investors of Orlando has acquired a portfolio totaling 756,038 square feet of office space here for $156.9 million.
The properties were sold by Angelo Gordon of New York City and Commercial Florida Realty Partners. The two firms formed a joint venture—Commercial Florida Westshore LLC—to acquire the Westshore Office Portfolio, which totals 460,056 square feet in July 2015.
The portfolio now owned by Partners Group and Parkway Property Investors includes 501 E. Kennedy in Downtown Tampa, and four buildings in the Westshore District—Westshore Corporate Center, Cypress Center I, Cypress Center II and Cypress Center III. The properties were built between 1981 and 1988, and the overall occupancy of the portfolio was approximately 91% at the time of sale.
The Cushman & Wakefield Investment sales team of vice chairman Mike Davis, executive managing director Rick Brugge, director Rick Colon, senior financial analyst Zachary Eicholtz and financial analyst Ryan Jenkins represented Angelo Gordon and Commercial Florida Realty partners in the disposition.
501 E. Kennedy is a 19-story, 295,982-square-foot, Class A office tower that is home to such tenants as Banker Lopez Gassler, P.A. and the Attorney General, as well as WeWork, which is expected to open in spring 2020.
Westshore Corporate Center is an 11-story, 173,142-square-foot, Class A office building located at 600 N. Westshore Blvd. that was recently updated with new elevator interiors and LED lighting. Notable tenants include Amscot and Progressive Insurance.
Cypress Center I, II and III are value-add, Class B assets located at 5404, 5310 and 5405 Cypress Center Drive, respectively. The three buildings comprise 286,914 square feet and notable tenants include Healthesystems and ADP. The Cypress Center park was recently updated with a new fitness center, electronic directories, an onsite deli and new monument signage. It also includes a parking garage and a 5.5.-acre pad suitable for up to 200,000 square feet of future Class A office space.
Berkadia reports it secured a $121.52-million loan in connection with the acquisition. Berkadia senior managing director Charles Foschini and managing director Christopher Apone of Berkadia’s Miami office arranged the loan on behalf of the joint venture between Parkway Property Investors and Partners Group.
The three-year, floating rate loan includes two one-year extension options, and represents a 65% loan to (appraised) value.