15-Building Office Portfolio Trades for $94M

ST. PETERSBURG, FL-Coral Gables-based Cypress Creek Capital has acquired the 682,311-sf former Koger office portfolio for $94 million. The portfolio includes 15 multi-tenant buildings constructed between 1971 and 2000 located in an area bounded by 4th Street North, Gandy Boulevard, Dr. Martin Luther King Street North/9th Street North and 94th Avenue North.

A team led by CB Richard Ellis Inc. Orlando Florida Investment Properties Group senior vice president Ronald Rogg represented the seller in the transaction, a fund managed by DRA Advisors LLC. Other team members included Mike Harrell, Mark Shellabarger and Ginger Gelsheimer.

The properties were part of a larger portfolio acquired by DRA Advisors. “DRA decided to take advantage of the strong office market conditions in Tampa and St. Petersburg and spun off some of the properties,” Gelsheimer tells GlobeSt.com.