Capital Realty Buys First Office Asset in Tampa

TAMPA, FL-On a shopping spree throughout the Southeast, Capital Realty Investors LLL has added its first office asset to an industrial, retail and office portfolio now totaling 597,640 sf and valued at $39 million.

The locally based firm paid Tampa I Associates Ltd. $8.5 million or $98.33 per sf for Palm Lake at Tampa Palms, a class A, 86,000-sf building. The 16-year-old building is $100% leased with an average asking base rent of $19.50 per sf, giving it a potential one-year gross rent volume of $1.7 million.

The acquisition was done at this time because “it was the right opportunity at the right time,” Capital Realty co-founder Ben Wacksman tells GlobeSt.com. He says there were no special marketing or closing challenges to overcome by either buyer or seller.