Argosy Real Estate Partners has closed on the acquisition of First Park at Brandon, two adjacent single-story, 2001-vintage showroom office/flex buildings totaling 134,082 square feet, located on a 13.5-acre site in Tampa, Fla.
The investment closed after a nine-month loan assumption process, during which time significant value was added by enhancing the property’s occupancy from 89 percent to 94 percent and increasing its weighted average lease term from four years to six years.
The property is located within the I-75 East Tampa submarket, the second largest suburban office submarket within the Tampa MSA, and the top submarket for office space absorption over the past five years, according to CoStar. The investment offers strong cash-on-cash returns with a diversified rent roll and limited ongoing capital expense requirements.
The investment was made alongside Priam Office Properties, an experienced commercial owner/operator that currently owns 15 multi-tenant
