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Westshore Office Building Draws $20M

TAMPA, FL-Eola Capital's purchase of Westshore 500 is the city's first big deal for 2009.

By Carl Cronan | Updated on February 16, 2009

(Carl Cronan is editor of Real Estate Florida.)

TAMPA, FL-The city’s first large office transaction this year has been posted with Orlando-based Eola Capital buying the 129,000-square-foot Westshore 500 building from Des Moines, IA-based Principal Financial Group Inc. The price was not disclosed under confidentiality agreements between the buyer and seller, though brokers familiar with the deal put its value at around $20 million, or $155 per square foot.

“Whenever we can get an exemplary location at a major thoroughfare, and at a substantial discount to replacement, we view that as a very good situation,” Kyle Burd, Eola Capital’s principal and regional vice president in Tampa, tells GlobeSt.com. The investor now owns more than 1.6 million square feet within the Tampa market, including Sabal Park, Cypress Center and Buschwood business parks.

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