Equus Capital Sells Telecom Park Office Asset

CushWakes Paul Carr says the acquisition presented an upside and value-add component with below-market rents in place and a well-balanced lease rollover schedule.

ORLANDO—Riverside at Telecom Park, a 167,744-square-foot class A office building in suburban Tampa, FL, has traded hands. The sale price: $27.4 million. Cushman & Wakefield ‘s capital markets senior managing director Paul Carr and vice president Rick Colon represented Philadelphia-based Equus Capital Partners in the disposition. St. Petersburg-based investor Cardinal Point Management purchased the asset. “Riverside at Telecom Park offered investors the opportunity to acquire a fully leased, class A office asset in a desirable mixed-use business park,” Carr tells GlobeSt.com. “The acquisition also presented an upside and value-add component with below-market rents in place and a well-balanced lease rollover schedule.” Riverside at Telecom Park is 100% leased to six high-quality, credit tenants. The office building features a granite and glass exterior with a five-story atrium and center core design with flexible 35,000-square-foot floor plates. The previous owner made over $2 million in capital improvements to the office asset. Riverside at Telecom Park sits on 16.79 acres at 12470 Telecom Drive in Tampa Telecom Park. That’s one of the premier corporate business parks in Hillsborough County, with nearly 2 million square feet of mixed-use development and limited remaining land for new construction. According to Cushman & Wakefield research, the Tampa office market has performed admirably in 2016 and further gains are expected throughout the balance of the year. Florida research manager Chris Owen reports strong leasing activity and increased absorption, especially in the non-CBD submarkets, has kept vacancy low and pushed rents further up. “2016 is increasingly looking like the year that new construction will commence to meet demand on job-growth projections,” he says. “Cushman & Wakefield anticipates local economic expansion and job growth to positively impact and fuel additional gains in Tampa’s office market throughout the rest of 2016.” Central Florida CRE remains strong with Multifamily, Retail and Industrial leading the way. Are You In The Know? How can you profit? Join us at RealShare Central Florida on September 7th for impactful information from the leaders in Central Florida CRE.Learn more.