Private equity group Tampa Eisenhower, LLC has sold the office building in Tampa’s Westshore district known as One President’s Plaza for $14.25 million. Balogh Family Partnership, a private equity group based in South Florida, purchased the 96,376-square-foot Class B property, located at 4902 Eisenhower Blvd.
The buyer – which owns two other properties in the Westshore district, Fountain Square Centre and George Road Business Park – plans to rebrand the property as Veterans Plaza, in addition to making improvements to the common areas and corridors.
Paul Carr, Todd Tolbert and Nicholas Coccodrilli of Colliers represented the seller in the transaction, with advisory support from the seller’s leasing team of Ryan Reynolds, Molly Molloy Catlett and Jackson Kilcoyne of CBRE. Kyle Chaikin of Franklin Street represented the buyer and will take over the leasing on behalf of the ownership.
“There continues to be investor demand for quality B and B+ office product in Westshore that is well-leased and, more importantly, fully utilized by the existing tenants,” said Carr, executive managing director at Colliers. “The property demonstrated strong performance throughout the COVID-19 pandemic, with 38,000-plus square feet of leases executed since March 2020.”
The three-story office building is located off of the Veterans Expressway, one of the Tampa Bay area’s primary north-south thoroughfares, is 3.5 miles away from Interstate 275, and neighbors Tampa International Airport. At the time of the sale, One President’s Plaza was 86% leased to 16 tenants, the largest of which is Arrive Logistics, which occupies 26,345 square feet.
“The buyer was looking to expand on their presence in Tampa’s Westshore submarket, in addition to satisfying a 1031 exchange requirement,” Carr said. “The seller owned and managed the property to a high standard for roughly 15 years, had a favorable basis, and plans to deploy the capital in other investments.”
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