Tampa, Fla. (Nov. 22, 2016) – Colliers International Tampa Bay has brokered the sale of the 235,000-square-foot Airport Executive Center, located in Tampa’s Westshore Business District, for $30 million.
John Gerlach, CCIM, Vice President of Investment Services with Colliers International Tampa Bay, facilitated the transaction. The seller was the Wilder Corporation of Delaware, a Clearwater-based firm founded by the late Maurice Wilder, a prominent real estate developer and investor. Wilder owned a number of office buildings and investment properties in the Tampa Bay area.
IP Capital Partners, LLC, a private real estate investment and asset management firm headquartered in Boca Raton, Florida, acquired the property. The company also recently purchased the Westwood Office Center, located across the street from the Airport Executive Center. Both properties are considered to be value-add opportunities.
The buyer plans to make significant updates and improvements to Airport Executive Center, which include modernizing the elevators, lobby and restrooms, and installing a new roof.
The 13-story building is situated in a high-traffic area in the largest suburban office submarket in Florida (Westshore). The property was 70 percent occupied at time of sale. Notable tenants include the Internal Revenue Service, U.S. Customs and Bank of America.
“Airport Executive Center is a well-positioned office property for a value-add investment strategy by the new owner, IP Capital,” said Colliers’ Gerlach. “The highly valued location coupled with the necessary, planned capital improvements give the buyer an excellent opportunity to bring the property up to a Class A status with corresponding market rents, all resulting in an increased value.”
Airport Executive Center offers ample parking with a six-story garage. Other amenities include an expansive lobby with an atrium and a café. The building’s central location in the Westshore submarket provides convenient access to Tampa International Airport, Raymond James Stadium, and a variety of shopping and dining options at International Plaza.
The property is located at 2203 N. Lois Ave., at the Corner of Lois Avenue and Spruce Street.
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