The property is located at 3620 Queen Palm Drive in Tampa, FL.
A joint venture between Pacer Partners and Drake Real Estate Partners has sold a 120,500 square foot office property to CTO Realty Growth. The property is located within Sabal Park. The property was previously acquired by the joint venture in June 2016.
The property was 100% leased to Ford Motor Credit Corporation under a NNN lease at the time of sale. Ownership extended the lease for five years prior to the disposition. The CBRE West Florida Capital Markets team of Dale Peterson, Joe Chick, Kristen McFarland and Courtney Snell represented the joint venture in the sale of the property.
“This sale further demonstrates our continued success in leveraging our extensive tenant advisory experience to identify assets where we can work with tenants to create mutually beneficial outcomes” said Pacer Partners CEO Jon Bourbeau.
“This is our second exit within the Drake‐Pacer venture, which further validates our targeted approach in identifying high quality assets with concentrated rent rolls, and our deeply researched thesis around the tenant retention story” added Jonathan Garonce, partner at Drake Real Estate.
About Pacer Partners
Pacer Partners is a boutique real estate investment and asset management company with offices in the New York City and Boston areas.
Pacer was founded by Jon Bourbeau, who was formerly one of the top tenant advisors in the country. The firm’s executive team has extensive experience across investing, capital markets, leasing, management, and advisory at large institutions.
Pacer pursues thematic real estate investment strategies that provide opportunities to purchase high quality real estate at a discount to intrinsic value. Pacer employs a value investing philosophy with a rigorous focus on underwriting, due diligence, asset management and ultimate disposition. Underwriting is based on multiple well‐defined discrete cash flow scenarios.
Pacer seeks to build long‐term partnerships and generate attractive risk‐adjusted returns for its partners, investors and lenders.
For further information, visit www.pacerpartners.com.
About Drake Real Estate Partners
Drake Real Estate Partners is an opportunistic real estate investment management firm headquartered in New York, NY that focuses on value‐add opportunities across the United States. Drake seeks to invest in high quality, income‐ producing real estate assets at a significant discount to replacement cost, and drives value by focusing on repositioning, leasing, and improving operations. Drake has invested in over $1.3 billion of real estate in a variety of asset classes including industrial, multifamily, senior housing, office, retail, self‐storage and hospitality.
Drake is a proud member of 1% For The Planet, donating 1% of the firm’s revenues to not‐for‐profit conservation‐related initiatives in the markets in which it invests.
For further information, visit www.drakerep.com.