Thank you for sharing!

Your article was successfully shared with the contacts you provided.

TAMPA, FL-Jacksonville-based Flagler Development Group Inc. has acquired the 170,924-sf Bridgeport Center office building for $29.5 million. The nine-story office property is located within the city’s Westshore Business District.

It was 96% occupied at the time of the sale. The seller, Boston-based AEW Capital Management LP, was represented by Cushman & Wakefield senior director Mike Davis and associate director Rick Brugge. According to public records, AEQ bought the property in December 2005 for $24.2 million. “The property was being sold because the seller had reached its investment target,” Davis tells GlobeSt.com.

Davis adds that this is Flagler Development’s first office acquisition in Tampa. The company is developing Lakeland Central Park, a 733-acre corporate site in Lakeland, and Lakeland Distribution Center on a 117-acre site. “The purchaser feels that there is upside potential from a rental rate perspective,” he says.

He added that this is one of the first properties that have been sold in the area since the credit crunch. The property sold at a 5.77% cap rate, which is low considering current market conditions. “Bridgeport Center sold for nearly as much as Cushman & Wakefield estimated it would before the recent credit crunch,” Davis says. “This is indicative that buyers are remaining bullish about properties in the Tampa Bay area.”

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


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 © 2020 ALM Media Properties, LLC. All Rights Reserved.