(Crystal Proenza is associate editor of Real Estate Florida.)
[IMGCAP(1)]TAMPA, FL-Boston-based TA Associates Realty has acquired Corporate Oaks and Centerpointe office buildings from USAA Real Estate Co. for $47.3 million. The buildings, located on opposite sides of Eisenhower Boulevard in Tampa’s Westshore business district, have a combined 350,232 sf of rentable space.
“This is the largest office transaction in Central Florida this year in terms of total value,” Mike Davis executive director of capital markets at Cushman & Wakefield, tells GlobeSt.com. Davis, along with associate director Rick Brugge negotiated the sale on behalf of USAA.
Both class B office buildings were built in the 80s and have been owned by USAA since that time, says Russ Sampson, executive vice president at Colliers Arnold in Tampa. “TA has been an aggressive buyer in this market for a while. For that age product, the price–about $134 per sf–is probably a sign of the times,” he says, putting them at market value. “It’s obviously down substantially from some of the more high profile sales that have occurred in the last few years.”
[IMGCAP(2)]“The sale ratifies institutional confidence in the Westshore business district of Tampa,” says Davis. Sampson agrees, stating that the buildings, which are 92% occupied, certainly beat the 12% vacancy rate in the submarket, which is made up of about 14 million sf that wrap around Tampa International Airport.