A Capital Markets Team Led by Paul Carr and Rick Colon Represented Equus Capital Partners in the Transaction
Cushman & Wakefieldannounced today that it has negotiated the sale ofRiverside at Telecom Park, a 167,744-square-foot Class A office building in suburban Tampa.
The capital markets team of Senior Managing DirectorPaul Carrand Vice PresidentRick Colonrepresented Philadelphia-basedEquus Capital Partnersin the disposition. St. Petersburg-based investorCardinal Point Managementpurchased the asset for $27.4 million.
At the time of sale, Riverside at Telecom Park was 100 percent leased to six high-quality, credit tenants. The building features a distinctive architectural design with a granite and glass exterior, highlighted by a dramatic five-story atrium and center core design with flexible ±35,000-square-foot floor plates. The building was institutionally maintained by the previous owner, who had recently invested more than $2 million in capital improvements.
The asset is located on 16.79 acres at12470 Telecom Drivein Tampa Telecom Park, one of the premier corporate business parks in Hillsborough County, with nearly 2 million square feet of mixed-use development and limited remaining land for new construction.
“Riverside at Telecom Park offered investors the opportunity to acquire a fully leased, Class A office asset in a desirable mixed-use business park,” said Carr. “The acquisition also presented an upside and value-add component with below-market rents in place and a well-balanced lease rollover schedule.”
According to Cushman & Wakefield research, the Tampa office market has performed admirably in 2016 and further gains are expected throughout the balance of the year.
“Strong leasing activity and increased absorption, especially in the non-CBD submarkets, has kept vacancy low and pushed rents further up. 2016 is increasingly looking like the year that new construction will commence to meet demand on job-growth projections,” wrote Florida Research ManagerChris Owenin the firm’s1Q 2016 Tampa Office MarketBeat Report. “Cushman & Wakefield anticipates local economic expansion and job growth to positively impact and fuel additional gains in Tampa’s office market throughout the rest of 2016.”
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visitwww.cushmanwakefield.comor follow@CushWakeon Twitter.
