The Dilweg Companies, based in Durham, NC, purchased the office assets properties.

MIAMI—A seven-building, class A suburban office portfolio totaling 698,100 square feet has traded hands. The sale price: $101 million.

HFF marketed the portfolio on behalf of the sellers, Osprey East and Osprey s.a., Ltd. The Dilweg Companies, based in Durham, NC, purchased the office assets properties. HFF worked on behalf of Dilweg to place floating-rate $67.82 million loan with Benefit Street Partners Realty Trust.

“With this purchase, Dilweg is acquiring a high-quality office portfolio in the dynamic greater Tampa market,” says HFF senior managing director Hermen Rodriguez. The office portfolio is 74% leased to a variety of quality tenants, with no single tenant occupying more than 11% of the rentable space.

The properties in the portfolio are Tampa Oaks One at 12802 Tampa Oaks Boulevard; Lakeview at Hidden River at 8875 Hidden River Parkway; 9000 Town Center Parkway in the Lakewood Ranch submarket; WestLake Corporate Center I and II at 9119 and 9009 Corporate Lake Drive; Orion Center at 3001 North Rocky Pointe Drive East; and Palm Court at Hidden River at 8600 Hidden River Parkway.

“Given the strong rent growth and solid fundamentals in the broader southeast, the region continues to be very favorable to investors,” says HFF senior managing director Ryan Clutter.

HFF director Ike Ojala and associate directors Chris Lingerfelt and Tracey Goo were also on the HFF team brokering the deal. HFF's debt placement team was led by senior managing director Travis Anderson and director Brent Bowman.

JLL's Office Insight report found that groups in the business, financial and scientific industries account for 81.5% of current space requirements in Tampa totaling 1.3 million square feet of space. GlobeSt.com caught up with JLL's Brent Miller to get his thoughts on what types of tenants are driving growth in Tampa's office market.

“While the Westshore neighborhood has typically always been the dominate submarket in terms of office leasing activity, we are now seeing a heavy migration to the region's urban core in Downtown Tampa. The total vacancy rate in this area has dropped to 14%, an 8% overall decrease from 2010, according to JLL's 2016 Skyline report. (Find out how no new construction is impacting the market.)

Another submarket worth highlighting is the Interstate 75/Interstate 4 Corridor which has seen numerous large blocks of space taken off the market in the past 18-24 months and vacancy drop from 22% to 13.6% in that same time span. This move to the urban core can be attributed to a shifting workforce. Millennial employees are seeking out the convenience and amenities of a work-play lifestyle, while companies are increasing efficiency and learning to do more with less space.

The Dilweg Companies, based in Durham, NC, purchased the office assets properties.

MIAMI—A seven-building, class A suburban office portfolio totaling 698,100 square feet has traded hands. The sale price: $101 million.

HFF marketed the portfolio on behalf of the sellers, Osprey East and Osprey s.a., Ltd. The Dilweg Companies, based in Durham, NC, purchased the office assets properties. HFF worked on behalf of Dilweg to place floating-rate $67.82 million loan with Benefit Street Partners Realty Trust.

“With this purchase, Dilweg is acquiring a high-quality office portfolio in the dynamic greater Tampa market,” says HFF senior managing director Hermen Rodriguez. The office portfolio is 74% leased to a variety of quality tenants, with no single tenant occupying more than 11% of the rentable space.

The properties in the portfolio are Tampa Oaks One at 12802 Tampa Oaks Boulevard; Lakeview at Hidden River at 8875 Hidden River Parkway; 9000 Town Center Parkway in the Lakewood Ranch submarket; WestLake Corporate Center I and II at 9119 and 9009 Corporate Lake Drive; Orion Center at 3001 North Rocky Pointe Drive East; and Palm Court at Hidden River at 8600 Hidden River Parkway.

“Given the strong rent growth and solid fundamentals in the broader southeast, the region continues to be very favorable to investors,” says HFF senior managing director Ryan Clutter.

HFF director Ike Ojala and associate directors Chris Lingerfelt and Tracey Goo were also on the HFF team brokering the deal. HFF's debt placement team was led by senior managing director Travis Anderson and director Brent Bowman.

JLL's Office Insight report found that groups in the business, financial and scientific industries account for 81.5% of current space requirements in Tampa totaling 1.3 million square feet of space. GlobeSt.com caught up with JLL's Brent Miller to get his thoughts on what types of tenants are driving growth in Tampa's office market.

“While the Westshore neighborhood has typically always been the dominate submarket in terms of office leasing activity, we are now seeing a heavy migration to the region's urban core in Downtown Tampa. The total vacancy rate in this area has dropped to 14%, an 8% overall decrease from 2010, according to JLL's 2016 Skyline report. (Find out how no new construction is impacting the market.)

Another submarket worth highlighting is the Interstate 75/Interstate 4 Corridor which has seen numerous large blocks of space taken off the market in the past 18-24 months and vacancy drop from 22% to 13.6% in that same time span. This move to the urban core can be attributed to a shifting workforce. Millennial employees are seeking out the convenience and amenities of a work-play lifestyle, while companies are increasing efficiency and learning to do more with less space.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM Digital Member, you’ll receive:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.