Rick Brugge, Mike Davis and Michael Lerner Represented Equus Capital Partners in Disposition of Bay West; Buyer RealOp Investments Retained Paula Buffa and Lauren Coup as Exclusive Leasing Advisors
TAMPA, FL, January 29, 2018 – Cushman & Wakefield has negotiated the sale of Bay West, a 195,558-square-foot office property in Tampa, for $20.25 million on behalf of Equus Capital Partners, Ltd. Buyer RealOP Investments has retained Cushman & Wakefield to handle leasing for the property, which is located in Tampa’s Westshore Business District.
The Cushman & Wakefield Capital Markets team of Vice Chairman Mike Davis, Executive Director Rick Brugge and Executive Director Michael Lerner represented seller Equus Capital Partners, Ltd., a Philadelphia-based real estate investment firm.
RealOP Investments has retained the Agency Leasing team of Senior Director Paula Buffa and Director Lauren Coup as the exclusive leasing advisors for the property. RealOp Investments is a Greenville, South Carolina-based real estate investment group that focuses on properties throughout the Southeast.
Bay West consists of eight garden-style office buildings situated on approximately 15.41 acres. The property is 95 percent occupied with notable tenants including Fidelity National Title, GEICO and Beef ‘O’ Brady’s.
The office park was constructed between 1983 and 1985 and has been institutionally owned and maintained, with previous ownership investing over $2 million in capital upgrades. The property offers onsite management and maintenance.
Located at 5660-5840 W. Cypress St., Bay West is situated in Florida’s largest commercial office market featuring over 13 million square feet of commercial office space. In recent years, the Westshore area has evolved into a desirable live-work-play destination with an array of retail, entertainment and housing options.
Bay West is within minutes of Tampa’s two premier shopping malls as well as Tampa International Airport. The location also provides easy access to the Veterans Expressway, Interstate 275 and both the Howard Frankland Bridge and the Courtney Campbell Causeway, which connect Tampa to St. Petersburg and Clearwater, respectively. The property is also adjacent to the waterfront Cypress Point Park.
“Because of its strategic location in the heart of Tampa’s Westshore Business District, Bay West is well-positioned for continued high occupancy and rent growth,” said Brugge. “The property is also strengthened by its diverse tenant roster and a general lack of competitive new construction in the Tampa Bay MSA.”
Added Buffa, “Bay West offers an exceptionally central location for office users looking for quality space in an office park setting.”
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 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, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
About RealOp Investments
RealOp Investments is a strategic real estate private equity firm focused on generating competitive investor returns and providing a best in class investor experience. RealOp invests primarily in income-producing, value-add and opportunistic properties across the primary growth markets of the Southeast. RealOp stands by their mission to buy opportunistically, add value through capital deployment and leasing, manage aggressively, and exit profitably. To learn more, visit www.realopinvestments.com.
Communications Specialist, Florida