The sale, which occurred in August, represents $176 per sf. The seller, Opus, was represented by Mark Shellabarger, Ginger Gelsheimer, Steven Buss, Tom Holtz and Ryan Watts, of CB Richard Ellis' Tampa Private Client Group and Minneapolis Institutional Group.
Shellabarger tells GlobeSt.com that Osprey is a private investment group that already owned several comparable office buildings in the Tampa Bay area. With the acquisition, Osprey adds to its existing portfolio of class A office buildings. The seller decided to sell the property because it was part of a fund with other properties, some of which are being sold. The buyer has no immediate plans to make capital improvements because the building is in good shape and is 100% leased, Shellabarger adds.
According to a CB Richard Ellis 2Q Tampa office market report, leasing has been strong. In the East Tampa submarket, the vacancy rate was 14.7% with 9,617 sf of absorption during the quarter. The average asking rental rate was $16.64 per sf. There are two office buildings currently under construction in East Tampa, the 97,244-sf Highland Oaks V and the 60,000-sf Angelica Place.
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