202,000-SF Office Property Trades for $39M

TAMPA, FL-Regency Park North, three single-story office buildings totaling 202,076 sf, has been sold to Moorings Development for $39 million.

CB Richard Ellis executive vice president Chris Riley and his partners Frank Fallon and Brad Rodgers, along with CB Richard Ellis brokers Ginger Gelsheimer and Rick Klepal brokered the transaction on behalf of the seller, Indianapolis-based Duke Realty. “Regency Park North represented an excellent opportunity,” Riley says. “It provided the rare combination of new high-quality construction, with a long-term lease to an investment grade tenant, in an easily accessible dynamic location.”

Regency Park North is 100% occupied by Coca-Cola Enterprises, which has 10 and one-half years remaining on its lease with fixed annual rental rate escalations. The property is located within the East Tampa submarket near Interstates 4 and 75 and the Lee Roy Selmon Expressway. It includes tilt wall buildings with tinted storefront glass installed in aluminum frames and designed architectural curtain wall entries. The buildings were constructed in 2001, 2002 and 2006, Gelsheimer tells GlobeSt.com. “The buyer was in a 1031 exchange situation and wanted to preserve that,” Gelsheimer says.

Gelsheimer adds that the sale is reflective of the strong activity the East Tampa market is currently experiencing. “East Tampa has seen some record numbers. The sales price of $192 per sf for a single-story property is a first,” she says. “The area has taken off because of its access to the labor market. It’s just easier to get to than other parts of Tampa.”