A Denholtz subsidiary, Ashley Avenue Associates, paid Dallas-based Archon Group $14.5 million or $81.70 per sf for the 10-story structure and also received an adjacent five-acre parcel in the deal.
The five acres, one of the largest undeveloped tracts remaining in Downtown Tampa, can house up to 500,000 sf of new office product, according to Holliday Fenoglio Fowler, the mortgage banker who funded the deal. The land, at 1000 North Ashley Drive, is currently used as a surface parking lot.
The St. Petersburg Times daily newspaper is the primary tenant. MCI, another tenant, occupies a full floor in the building. Kurt Hoffmann of Holliday Fenoglio's Boca Raton office arranged an adjustable-rate interim loan from Heller Financial Inc. for the buyer.
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