Team of Mike Davis, Rick Brugge and Michael Lerner Secured $52M Sale to Priam Capital
TAMPA, FL, August 9, 2018 – Cushman & Wakefield has negotiated the sale of The Collection at Sabal Park, a 435,837-square-foot, value-add office portfolio in suburban Tampa. Nashville-based Priam Capital acquired the eight-building portfolio for $52 million. The acquisition is the real estate investment firm’s first in the Tampa Bay market.
The Cushman & Wakefield team of Vice Chairman Mike Davis, Executive Director Michael Lerner and Executive Director Rick Brugge represented IP Capital Partners in the disposition. Based in Boca Raton, Florida, IP Capital Partners is a real estate investment and asset management firm focused on high-quality office, retail and industrial real estate in the major growth areas of Florida.
Buyer Priam Capital retained Cushman & Wakefield to continue leasing and managing the eight properties. The leasing team of Senior Director Mercedes Angell and Director Lauren Coup were awarded the listing when IP Capital Partners acquired the portfolio in October 2014. They have since leased a total of 111,295 square feet in the portfolio.
The eight buildings are situated within Sabal Park, a 4.8 million-square-foot, master-planned business park located at the interchange of Interstate 75 and Dr. Martin Luther King Jr. Boulevard, less than 10 miles northeast of downtown Tampa. The park is considered the choice corporate location within Tampa’s I-75 Corridor. In addition to office, it has five restaurants, five hotels, a bank, and a full-service child care facility.
“This unique collection of buildings in Tampa’s premier mixed-use park will provide strong cash flow and upside, as well as immediate critical mass for Priam Capital’s entry into the market,” said Davis.
The Collection at Sabal Park was 86 percent leased at the time of sale. Notable tenants include Coca-Cola, Permanent General, U.S. Army Corps of Engineers, Sodexo, Advantage Sales and Marketing and Taylor Morrison. With four multi-story buildings and four single-story buildings ranging in size from 21,300 to 135,362 square feet, the portfolio can meet a broad range of space requirements for new and existing tenants.
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