Feldman Equities has purchased Castille at Carillon in St. Petersburg for $18.2 million. The two Class A buildings, located at 400 and 450 Carillon Parkway, total 104,897 rentable square feet on 4.31 acres.
The Gerlach Team, which includes John Gerlach, Mackenzie Gerlach and Jake Gerlach, in conjunction with leasing agent Lori Hellstrom of Colliers International Tampa Bay represented the sellers.
“Feldman Equities saw an opportunity to expand its office portfolio with Castille at Carillon, a high-quality, Class A property with credible tenants positioned in one of the best locations in the Tampa Bay area,” said John Gerlach, Executive Managing Director, Investment Services at Colliers International Tampa Bay.
Castille at Carillon’s two buildings are connected by a breezeway and parking garage, a rare feature in Tampa Bay office real estate. Tenants with long-term leases include Edward Jones, Electronic Data and DexYP, and occupancy at the time of sale was 94.6%.
Castille at Carillon is located in the Gateway submarket, which continues to be one of the leaders in the Tampa Bay market in occupancy rates and rent escalations.
“With shrinking vacancies through the Tampa Bay market, the Gateway submarket is expected to maintain high occupancies and rent increases into the future, making it an excellent area to purchase investment properties,” said Gerlach.
Feldman Equities and its joint venture partners own or manage over 4 million square feet of Florida office space. The company collaborated with outside investors through the CrowdStreet Marketplace, a crowdfunding platform, to acquire Castille at Carillon.
“Instead of taking an institutional partner, some investors are using a crowdfunding platform to raise their equity,” said Gerlach. “The concept of crowdfunding allows for a much broader base of investor to enjoy the benefits of commercial real estate.”
About Colliers International Group Inc.
Colliers International (NASDAQ: CIGI) (TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, has delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management. To learn more about how we accelerate success visit corporate.colliers.com, Twitter: @Colliers or LinkedIn.