Office building sells for $14.25 million in Tampa's Westshore district

TAMPA, Fla. - Rezul -- Private equity group Tampa Eisenhower, LLC has sold the office building in Tampa's Westshore district known as One President's Plaza for $14.25 million. Balogh Family Partnership, a private equity group based in South Florida, purchased the 96,376-square-foot Class B property, located at 4902 Eisenhower Blvd.

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.

More on Rezul News

• Water Willow Realty Celebrates One Year of Growth and Vision
• NBA Champion Lamar Odom Launches Anti-Addiction Meme Coin, Ushering in a Disruptive Innovation in Web3
• Aureli Construction Sets the Standard for Seamless Home Additions in Greater Boston
• Harvest Properties Acquires Two San Francisco Bay Area Self Storage Facilities for $44.2 Million
• Georgia's Traditions of Braselton to Host Spring Open House Event

"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," Carr said. "The seller owned and managed the property to a high standard for roughly 15 years, had a favorable basis, and plans to deploy the capital in other investments."

More on Rezul News

• ScreenPoints Puts Film Investors in the Credits—and in the Money With New FinTech Platform
• Pathways to Adulthood Conference May 17 at Melville Marriott Honoring NYS Assembly Member Jodi Giglio, Suffolk County Legislator Nick Caracappa
• Adster Techologies awarded US Patent for breakthrough innovation in reducing latency in Ad Serving
• Flexi-View Lending Closes $5.05 Million Residential Acquisition Loan in Billings, Montana
• Robert Fabbio Inducted into the Austin Technology Council Hall of Fame

Media Contact:
Noelle Fox | True Blue Communications
(813) 857-2949 | noelle@truebluecommunications.com

About Colliers
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.