Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(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.

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.