TAMPA, FL-A joint venture between Penn-Florida Companies and Edge Principal Advisors acquired two East Tampa office buildings. Financial terms of the deal were not disclosed.

The JV took ownership of Lakeview Center, a 187,500-square-foot office campus, and Eastpointe, an 85,063-square-foot office building. The buildings are located immediately off of I-4 on MLK Boulevard. Over 50% of the rentable space had been occupied by Bank of America for the past seven years and is now available. The partnership made the strategic purchase to aggressively re-introduce the assets into the market.

“We are well-capitalized and invested in the Tampa market,” says Jason Isaacson, president of Penn-Florida Realty Advisors. “These assets were purchased at a price that allows us to market the available space on aggressive terms. The buildings have a tremendous competitive advantage in attracting data, financial and other large users given the existing infrastructure and superb location.”

The JV has hired contractors to perform renovations to the common areas, signage and landscaping at Lakeview Center, which has 143,000 square feet newly available to the market. The upgrades will be completed this summer. Eastpointe was previously upgraded and has approximately 20,000 square feet available to lease. While Eastpointe is 77% leased, Lakeview is only 25% occupied. CB Richard Ellis has been retained to fill up the buildings.