The Real Deal Miami

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
February 25, 2018 11:35AM

The Bay West office complex in Tampa’s Westshore area (Credit: Business Observer)

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