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Upstart Investment Firm Makes Initial Acquisition

TAMPA, FL-Foundation Realty pays $18.4 million for a six-building flex business park.

By Carl Cronan | Updated on March 11, 2010

TAMPA, FL-An upstart commercial real estate investment company has made its first local acquisition and is seeking other opportunities throughout the Southeast. Locally based Foundation Realty Advisors bought Hampton Oaks Business Park, a 259,000-square-foot flex warehouse property, from Chicago-based RREEF America LLC for $18.4 million or $71 per square foot.

Dallas Whitaker, a former executive with Birmingham, AL-based Colonial Properties Trust, established Foundation Realty late last year with two other ex-Colonial colleagues in Atlanta, Tom Hallowell and Rick Lessley. The new firm seeks well-located, quality assets with attractive yields priced below replacement cost on behalf of high-net-worth private investors.

“We feel like we have a small stable of equity sources,” Whitaker, the firm’s principal, tells GlobeSt.com. He adds that Hampton Oaks, a stabilized class A property with six buildings currently 95% leased, provides a level of comfort to buyers looking out for those rare properties on the current market that are not in distress or going through bank workouts.

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