A 165,000-square-foot office park in Tampa with an 88 percent occupancy rate sold for $79 per square foot.
A joint venture of Highline Real Estate Capital and Seifra Capital bought the six-building Cypress Point Office Park for $13.1 million.
“I am extremely excited about our investment in Cypress Point and love our basis in the project at only $79 per square foot,” David Moret, the founder of Highland, said in a prepared statement.
Moret also said the Tampa office market has seen strong growth, and there is “virtually no new supply in the pipeline.”
Jeffrey Morris and Bret Felberg from JLL represented the seller, Tomorrow VII Cypress, LP, in the sale.
Tarik Bateh from JLL’s Capital Markets Group arranged an acquisition loan from TD Bank for the buyer, HRE/Seifra Cypress, LLC.
Focus Real Estate Services will provide property management and leasing services for Cypress Point, located at 1004-10014 Dale Mabry Highway.