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Tampa office complex with little vacancy sells for $20.25M
The 35-year-old Bay West office complex is located in Tampa's Westshore area, where speculative office development has been sparse
A nearly fully occupied office complex in Tampa’s Westshore area sold for $20.25 million.
Greenville, South Carolina-based ReOp Investments LLC paid about $103 per square foot for the 195,558-square-foot, eight-building office complex just south of Tampa International Airport.
Equus Capital Partners Ltd. of Yardley, Pennsylvania sold the single-story office complex, called Bay West, which Equus acquired 10 years ago.
Bay West, built in 1983 on a 15.4 acre site at 5660-5840 West Cypress Street, has a 95 percent occupancy rate. The property’s tenants include the Geico insurance company, Fidelity National Title and restaurant operator Beef O’Brady’s, which has offices and a test kitchen there.
Office buildings in Tampa’s Westshore area have high occupancy rates “in part because there’s been no new speculative construction,” Rick Brugge, a Tampa-based executive director of brokerage firm Cushman & Wakefield, told the Business Observer.
Brugge represented Equus in the sale of Bay West together with two other members of Cushman & Wakefield’s Tampa-based capital markets team: vice chairman Mike Davis and executive director Michael Lerner. [Business Observer] – Mike Seemuth