The seller, an Orlando-based private real estate investment company, was represented by Mike Davis, of Cushman & Wakefield, in the transaction. The property was 65% leased at the time of the sale. "We acquired the property because there was a large rollover anticipated because a tenant was not renewing its lease," BPG vice president David Barndt tells GlobeSt.com. "We believe there is significant lease-up potential with the property."

The park consists of eight buildings located on 15 acres overlooking Tampa Bay and adjacent to a new public path with running paths and panoramic views of the Bay. The park features drive-up parking, individual tenant entrances and an on-site cafeteria. Angela Odell and Monica Ziff, of Taylor & Mathis, will handle property management and leasing of the property.

The property has easy access to Interstate 275 and State Route 60 and immediate access to Tampa International Airport. In 2008, a new Cypress Street exit ramp will be completed off State Route 60 immediately across from the entrance to the property. The company plans to begin a $2-million capital improvement program of the property, including upgrading the signage and landscaping, improving the park's amenities and renovating and improving the building's exteriors and interiors.