The Real Deal Miami

Boca Raton firm sells eight office buildings near downtown Tampa for $52M

IP Capital Partners sold the eight-building portfolio to Nashville-based Priam Capital for $119 per square foot
August 12, 2018 11:00AM

Mike Davis

Boca Raton-based IP Capital Partners sold eight office buildings near downtown Tampa for $52 million.

The office buildings are located in Sabal Park, a master-planned business park at the interchange of Dr. Martin Luther King Jr. Boulevard and Interstate 75, less than 10 miles northeast of downtown Tampa.

In addition to office buildings, Sabal Park has five restaurants, five hotels a bank and a child-care facility.

Nashville-based Priam Capital paid $119 per square foot for the eight-building portfolio with 435,837 square feet of office space, called the Collection at Sabal Park.

The buildings were 86 percent leased when the sale closed. Tenants include Coca-Cola, the U.S. Army Corps of Engineers, and Advantage Sales and Marketing.

A three-man team at brokerage firm Cushman & Wakefield represented IP Capital Partners in its sale of the office buildings: vice chairman Mike Davis and executive directors Michael Lerner and Rick Brugge.

Priam Capital retained Cushman & Wakefield to continue leasing and managing the office buildings.

Mercedes Angell, senior director of Cushman & Wakefield, and Lauren Coup, a director, have leased about 111,000 square feet of the eight-building portfolio since IP Capital Partners acquired the portfolio in October 2014.

The eight buildings range in size from 21,300 square feet to 135,362 square feet. Four of them have addresses on Princess Palm Avenue (10117, 10002, 9950 and 9720), and the other four are on Coconut Palm Drive (3923-3925, 3901, 3829 and 3922). – Mike Seemuth