CB Richard Ellis executive vice president Chris Riley and hispartners Frank Fallon and Brad Rodgers, along with CB Richard Ellisbrokers Ginger Gelsheimer and Rick Klepal brokered the transactionon behalf of the seller, Indianapolis-based Duke Realty. "RegencyPark North represented an excellent opportunity," Riley says. "Itprovided the rare combination of new high-quality construction,with a long-term lease to an investment grade tenant, in an easilyaccessible dynamic location."

Regency Park North is 100% occupied by Coca-Cola Enterprises,which has 10 and one-half years remaining on its lease with fixedannual rental rate escalations. The property is located within theEast Tampa submarket near Interstates 4 and 75 and the Lee RoySelmon Expressway. It includes tilt wall buildings with tintedstorefront glass installed in aluminum frames and designedarchitectural curtain wall entries. The buildings were constructedin 2001, 2002 and 2006, Gelsheimer tells GlobeSt.com. "The buyerwas in a 1031 exchange situation and wanted to preserve that,"Gelsheimer says.

Gelsheimer adds that the sale is reflective of the strongactivity the East Tampa market is currently experiencing. "EastTampa has seen some record numbers. The sales price of $192 per sffor a single-story property is a first," she says. "The area hastaken off because of its access to the labor market. It's justeasier to get to than other parts of Tampa."