Empire Square Group, LLC Acquired the 75,845-SF, Class A Suburban Asset
TAMPA, FL, August 14, 2018 – Cushman & Wakefield has negotiated the sale of Citrus Park Crossings, a Class A office building in Northwest Tampa, for $18.5 million. The 75,845-square-foot, three-story property is the newest building in the submarket, completed in 2013, and was 100 percent leased at time of sale.
The Cushman & Wakefield Capital Markets team of Vice Chairman Mike Davis, Executive Director Rick Brugge and Executive Director Michael Lerner represented the seller and developer of the property, Ryan Companies, in the disposition. The national firm designs, develops, finances and manages commercial projects spanning a wide variety of asset types around the country.
The buyer, Empire Square Group, LLC, is a boutique private equity firm focused on investments in real estate and in high-growth companies in the United States.
Citrus Park Crossings, considered a boutique, Core-Plus asset, is the only true Class A office building in Tampa’s Northwest submarket, with respect to location, style, quality and amenities that can cater to small-to-medium-sized tenants. The property features an above-market parking ratio of five spaces per 1,000 square feet, as well as attractive tilt-wall construction and large and efficient floor plates.
Notable tenants in the fully leased building include EVO Payments International; Stellar, Rizzetta & Company; Corin USA; All Risks, Ltd.; CopyPress; and Land Castle Title Company.
“There is a very limited amount of competing Class A properties in the Northwest Tampa submarket with few remaining office development sites,” said Brugge. “The high barrier to entry provides favorable conditions for increased rents and continued strong occupancy at Citrus Park Crossings.”
At 12750 Citrus Park Lane, the property’s location provides immediate access to the Veterans Expressway, and it is 10 minutes from Tampa International Airport. It is also convenient to a variety of retail and dining options at the Westfield Citrus Park Mall and several other nearby shopping centers.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, advisory and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Communications Specialist, Florida