South Florida firms reap 47% gain on sale of Tampa office complex

Highline Real Estate Capital and Sefira Capital LLC bought the Cypress Point Office Park in June 2016 for $13.125M and just sold the 165,000-square-foot property for $19.3M

Miami /
Dec.December 23, 2018 10:00 AM

David Moret

Miami-based Highline Real Estate Capital and North Miami Beach-based Sefira Capital LLC sold a Tampa office complex for 47 percent more than they paid in 2016.

A joint venture called HRE/Sefira Cypress, LLC, sold the 165,000-square-foot Cypress Point Office Park in Tampa for $19.3 million.

The joint venture acquired the office property in June 2016 for $13.125 million.

Highline and Sefira retained Focus Real Estate Services to handle leasing and property management at Cypress Point Office Park, and the property’s net operating income increased by more than 35 percent in less than 30 months.

“At this stage in the cycle when most real estate is fully priced, you really have to roll up your sleeves and immerse yourself into your properties operations to add value,” Highline president and founder David Moret said in a prepared statement.

Bret Felberg and Jeff Morris of brokerage firm JLL represented Highline and Sefira in their sale of the Tampa office complex to an affiliate of New York-based Loeb Partners. – Mike Seemuth


Related Articles

arrow_forward_ios
Clockwise from top: Kenneth, Robert and Bradley Fishel with Aventura Corporate Center (Getty)
Renaissance Properties sells Aventura office complex for $140M
Renaissance Properties sells Aventura office complex for $140M
David Grutman and Pharrell’s Goodtime Hotel had received nearly 30 noise violations (Carma Connected, Getty)
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Related Companies Chairman Stephen Ross with One Flagler (Related, Getty)
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Grover Corlew principal Mark Corlew with Bank of America Tower in Boca Raton (Grover Corlew)
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
Landlords keep raising office space rents despite a grim outlook for vacancy rates (Getty)
Miami office vacancy rates reach Great Recession levels
Miami office vacancy rates reach Great Recession levels
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
CP Group Managing Partner Angelo Bianco with One Town Center (CP Group)
Singaporean REIT pays $100M for One Town Center office building in Boca Raton
Singaporean REIT pays $100M for One Town Center office building in Boca Raton
Lease roundup: Apparel company inks 142K sf lease in Miami Gardens & more
Lease roundup: Apparel company inks 142K sf lease in Miami Gardens & more
Lease roundup: Apparel company inks 142K sf lease in Miami Gardens & more
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...