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TAMPA, FL-A joint venture of Fort Lauderdale-based Cypress Creek Capital Inc. and New York City-based Perry Real Estate Partners has acquired two office buildings totaling 268,000 sf in the Corporex Office Park. The deal includes entitlement rights to build a third, 119,000-sf office building.

The transaction, including the building sales and development of the third building, is valued at $50 million. The joint venture is called East Tampa LLC. The buildings involved were the 187,500-sf Lakeview building, which was sold by the Knightsbridge Co., and the 80,451-sf Eastpointe building, which was sold by Taurus Investment Holdings, LLC.

“The Tampa market has really tightened up over the past six to nine months,” Cypress Creek Capital CIO Jason Isaacson tells GlobeSt.com. “We really like the location of the buildings. They’re in an area where employers have access to a large number of employees.”

With the buildings were approximately 88% leased at closing, the joint venture is planning to capitalize on strong market conditions to retain tenants and lease the remaining vacancies, and develop the third building. The joint venture has hired Taylor & Mathis to assist in lease-up efforts. “A lot of the rents are below market,” Isaacson says. “Lease-up efforts will allow us to capture the strength of the market.”

Corporex is a 100-acre master planned business community located on the southwest corner of the intersection of MLK Boulevard in East Tampa. It has nine buildings with a total size of approximately 500,000 sf and the tenant roster includes Tampa Temporaries, Westinghouse Security Systems and Time Warner. The park is comprised of three multi-story office buildings, five one-story office/warehouse buildings with grade level and dock high areas and one large distribution center.

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