Colonial Properties Enters Affluent Westshore Market

Colonial's executive vice president Bo Jackson declined to disclose the purchase price because of "company policy," but area brokers familiar with the Westshore properties tell GlobeSt.com the contract price with Miami-based America's Capital Partners was in the $130- to $150-per-sf range, or an estimated $52 million.

Dallas Whitaker, vice president and market officer for the Alabama-based REIT, negotiated for his company. Mike Davis of Cushman & Wakefield of Florida Inc., who listed the property, represented the seller. Whitaker is bullish on Tampa's office-using job growth projections.

"Tampa is a key market for the office division of Colonial Properties and we are actively seeking opportunities to expand our presence," says Whitaker. "These class A assets fit well in our portfolio. The buildings have an excellent location, high-quality structure and many nice amenities. I am confident that these assets will be solid long-term performers."

Westshore Place I, built in 1984, is 90.4% leased. Westshore Place II, built in 1986, is 95% occupied. The average asking rent is $21.50 per sf. The transaction took 90 days to complete, from contract signing to closing.

The two office buildings join other Colonial assets in Tampa, including Concourse Center, a 292,000-sf building; Colonial Grand at Seven Oaks, a 318-unit multifamily community; and Colonial Promenade Northdale, a 176,000-sf retail center. Colonial Properties also manages 1,020 additional multifamily units.