The 120,500-square-foot, four-story, Class A office building is fully leased to Ford Motor Credit Company
Pacer Partners, a boutique real estate investment and asset management firm, has purchased a 120,500-square-foot office building in Sabal Park, Tampa, FL from Gramercy Property Trust in a joint venture with Drake Real Estate Partners. This purchase advances the company’s thematic investment plan of acquiring high quality office properties that support the primary tenant’s long term use and operation at the property.
“This acquisition is the first within our targeted investment strategy of acquiring properties at a competitive basis with the ability to drive significant value through supporting our tenant’s long term needs,” said Pacer Partners’ CEO Jon Bourbeau.
The 11.84-acre property, located at 3620 Queen Palm Drive, has been home to Ford Motor Credit Company since 2000. Pacer Partners is currently working with the tenant to deploy funds to enhance certain features of the property.
“The institutional quality of the property, together with the building’s central location, I-75 accessibility, high parking ratio and efficient floorplates present a compelling investment for the joint venture between Pacer Partners and Drake Real Estate Partners,” added Lior Zamir, Partner at Pacer Partners.
The acquisition closed on June 24, 2016.
About Pacer Partners
Pacer Partners is a boutique real estate investment and asset management company backed by the deep institutional background of its executives.
Currently with offices in New York City and Miami, Pacer was founded by Jon Bourbeau, who was formerly one of the top tenant advisors in the country.
Having the benefit of understanding that investors and end users think about real estate very differently, Pacer is able to bring forth a unique investing and asset management approach that marries the rigor of Pacer’s acquisition process with a deep understanding of end users, who are the ultimate consumers of Pacer’s investments.
About Drake Real Estate Partners
Drake Real Estate Partners (“DREP”) is an opportunistic real estate investment and management firm headquartered in New York, NY. It was founded in 2012 by David Cotterman and Nicolas Ibanez. To date DREP has purchased over $600 million of real estate across over 25 real estate transactions.