Equus Capital Partners, Ltd. (Equus), one of the nation’s leading private equity real estate investment managers, announced today the sale of Riverside at Telecom Park in Temple Terrace, Florida, one of Tampa’s most recognizable corporate addresses. The 167,744 square-foot, 5-story Class-A office building was sold to an affiliate Cardinal Point Management, a St. Petersburg-based investment and property management firm. The seller was represented by Paul Carr, Senior Managing Director and Rick Colon, Vice President of Cushman & Wakefield.
12470 Telecom Drive was originally purchased in May of 2007 by BPG Investment Partnership VII, L.P., a discretionary private-equity fund managed by Equus. At the time, the property was fully-vacant. The property, which features an attractive granite and glass exterior with a dramatic five-story atrium lobby, finished with granite and marble accents, was repositioned by Equus, who invested more than $2 million in various capital improvements. The upgrades include new restrooms and common-area finishes, common conference facilities, lunchroom, significant HVAC system upgrades, and an expansion of the parking lot.
With approximately $4 billion in assets under management, Equus is an experienced fully-integrated real estate investment firm with significant equity and debt resources. “We demonstrated our re-positioning expertise with our ability to take this fully vacant project and lease it to 100% occupancy to six high-quality, credit tenants as of closing,” commented Chris Locatell, Senior Vice President at Equus who oversaw the disposition for Equus. The asset is located on 16.79 acres at 12470 Telecom Drive in Tampa Telecom Park, one of the premier mixed-use corporate business parks in Hillsborough County, with nearly two million total square feet and home to a diverse tenant base including health care, technology and finance, added Locatell.
About Equus Capital Partners, Ltd.
Equus Capital Partners, Ltd. (“Equus”), is one of the nation’s leading private equity real estate fund managers. Equus’ portfolio consists of approximately 18 million square-feet of office, retail, and industrial properties and nearly 11,000 apartment units across 48 multi-family communities located throughout the United States. The firm is headquartered in the Philadelphia area, with a principal office in Yardley, PA, and with offices in Philadelphia, Chicago, Los Angeles, Washington, D.C., Boston, Atlanta, and Raleigh-Durham. For additional information, please visit the company’s website at www.equuspartners.com.
