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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-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