The Feil Organization Acquired the 77,558-SF Class A+ Office and Retail Asset
TAMPA, FL, December 19, 2019 – Cushman & Wakefield has negotiated the sale of TriPointe Plaza, a three-building, mixed-use asset prominently positioned along Boy Scout Boulevard in Tampa’s esteemed Westshore Business District. Currently 100% leased, the Class A+ development consists of a 46,708-square-foot office building, a structured parking garage and 30,850 square feet of retail space, including Eddie V’s Prime Seafood & Steaks.
A multi-specialty team comprising Cushman Wakefield’s Vice Chairman Mike Davis, Executive Managing Director Rick Brugge, Managing Director Jason Donald, Managing Director Patrick Berman, Director Rick Colon, Senior Associate Todd Tolbert, Senior Financial Analyst Zachary Eicholtz and Financial Analyst Ryan Jenkins represented Cardinal Point Management in the disposition. The Tampa-based investment and property management firm focuses on commercial real estate opportunities throughout Florida.
The buyer is The Feil Organization, an established investment, development and management firm based in New York.
The office component of TriPointe Plaza is a four-story, Class A building completed in 2008. Tenants include Synovus, Benchmark International and BNY Mellon. The retail component is split between 15,005 square feet on the first floor of the parking garage and a 15,845-square-foot freestanding restaurant outparcel, ground-leased to Eddie V’s. The 2.48-acre site also has development potential for an additional freestanding building totaling up to 22,000 square feet on the western portion of the property.
“The combination of rapidly rising rental rates, surging employment metrics, superior mixed-use functionality and additional development potential provide TriPointe Plaza with core-stability and strong upside potential,” said Davis.
At 4400, 4410 and 4488 W. Boy Scout Blvd., TriPointe Plaza is positioned in the heart of Westshore, just south of International Plaza Mall and Tampa International Airport. The property holds unsurpassed visibility along Boy Scout Boulevard, with a traffic count of over 42,500 cars per day. It also provides walkability to an array of restaurant and retail options. Further, the Westshore market has seen an influx of new, luxury multifamily product with approximately 3,000 units delivered from 2014 to year-end 2018.
“Tri-Pointe Plaza is one of the few properties in the Westshore market that can provide a true live-work-play environment, with over 900 newly constructed apartments located within walking distance,” said Donald.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.