The Real Deal Miami

Office fund finds first Florida acquisition in Tampa

Roseview-PMRG plans improvements to nine-story Westshore Center

August 30, 2015 03:00PM

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Downtown Tampa

Downtown Tampa

Roseview-PMRG Fund I, LLC, bought the Westshore Center, a nine-story Tampa office building located just west of the city’s downtown core.

It was the first Florida acquisition for Roseview-PMRG, a $250 million discretionary fund formed to purchase and better position office buildings nationwide. The fund owns properties in Atlanta, Houston, Massachusetts and Pennsylvania. PM Realty Group and The Roseview Group formed the fund.

Roseview-PMRG said in a press release the seller in Tampa was an institutional investor that had held the 216,510-square-foot Westshore Center since 1999.

The fund also said the Westshore area of Tampa where the building is located is Florida’s largest office submarket, with 12.7 million square feet of office space.

When the parties agreed to the terms of their transaction, the building was 13 percent vacant.

Building improvements planned by Roseview-PMRG include renovated common corridors and bathrooms, upgraded elevators and exterior renovations.

The Westshore Center was built on 2.66 acres in 1984. – Mike Seemuth