TAMPA, FL-Philadelphia-based BPG Properties Ltd. has acquired the 196,431-sf Bay West Commerce Park for $25.4 million. The office complex acquisition was made on behalf of BPG Investment Partnership VIII LP, an $850-million private equity fund.

The seller, an Orlando-based private real estate investment company, was represented by Mike Davis, of Cushman & Wakefield, in the transaction. The property was 65% leased at the time of the sale. “We acquired the property because there was a large rollover anticipated because a tenant was not renewing its lease,” BPG vice president David Barndt tells GlobeSt.com. “We believe there is significant lease-up potential with the property.”

The park consists of eight buildings located on 15 acres overlooking Tampa Bay and adjacent to a new public path with running paths and panoramic views of the Bay. The park features drive-up parking, individual tenant entrances and an on-site cafeteria. Angela Odell and Monica Ziff, of Taylor & Mathis, will handle property management and leasing of the property.

The property has easy access to Interstate 275 and State Route 60 and immediate access to Tampa International Airport. In 2008, a new Cypress Street exit ramp will be completed off State Route 60 immediately across from the entrance to the property. The company plans to begin a $2-million capital improvement program of the property, including upgrading the signage and landscaping, improving the park’s amenities and renovating and improving the building’s exteriors and interiors.

This is the company’s second acquisition in Tampa in 2007. Earlier in the year, it acquired Riverside at Telecom Park, a 180,000-sf class A office building formerly owned and occupied by Verizon.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.