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Office building sells for $14.25 million in Tampa's Westshore district
Colliers represents Tampa Eisenhower, LLC in sale of One President's Plaza
The buyer – which owns two other properties in the Westshore district, Fountain Square Centre and George Road Business Park – plans to rebrand the property as Veterans Plaza, in addition to making improvements to the common areas and corridors.
Paul Carr, Todd Tolbert and Nicholas Coccodrilli of Colliers represented the seller in the transaction, with advisory support from the seller's leasing team of Ryan Reynolds, Molly Molloy Catlett and Jackson Kilcoyne of CBRE. Kyle Chaikin of Franklin Street represented the buyer and will take over the leasing on behalf of the ownership.
"There continues to be investor demand for quality B and B+ office product in Westshore that is well-leased and, more importantly, fully utilized by the existing tenants," said Carr, executive managing director at Colliers. "The property demonstrated strong performance throughout the COVID-19 pandemic, with 38,000-plus square feet of leases executed since March 2020."
The three-story office building is located off of the Veterans Expressway, one of the Tampa Bay area's primary north-south thoroughfares, is 3.5 miles away from Interstate 275, and neighbors Tampa International Airport. At the time of the sale, One President's Plaza was 86% leased to 16 tenants, the largest of which is Arrive Logistics, which occupies 26,345 square feet.
"The buyer was looking to expand on their presence in Tampa's Westshore submarket, in addition to satisfying a 1031 exchange requirement,"
Noelle Fox | True Blue Communications
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Colliers is a leading diversified professional services and investment management company. With operations in 65 countries, our 18,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. For more than 28 years, our experienced leadership with significant inside ownership has delivered compound annual investment returns of approximately 20% for shareholders. With annual revenues of $4.5 billion and $98 billion of assets under management, Colliers maximizes the potential of property and real assets to accelerate the success of our clients, our investors and our people. Learn more at http://corporate.colliers.com, Twitter @Colliers or LinkedIn.
Page Updated Last on: May 16, 2023