December 3, 2019
Berkadia has secured a $121.5 million acquisition loan for a six-property office portfolio in Tampa’s downtown. The sales price of the portfolio was $156.9 million.
The 833,705-square-foot portfolio was acquired for $167.3 million and consists of 501 East Kennedy Blvd., a 295,982-square-foot property built in 1981; REO Center, a 77,666-square-foot property built in 1981; Westshore Corporate Center, a 173,143-square-foot property built in 1988; Cypress Center I, a 153,634-square-foot property built in 1982; Cypress Center II, a 49,935-square-foot property built in 1982 and Cypress Center III, a 83,345-square-foot property built in 1982.
Charles Foschini and Christopher Apone of Berkadia’s Miami office arranged the loan on behalf of a joint venture between Parkway Properties and Partners Group, global private markets investment manager. The three-year, floating-rate loan includes two one-year extension options.
A Cushman & Wakefield Investment Sales Team of Mike Davis, Rick Brugge, Rick Colon, Zachary Eicholtz and Ryan Jenkins represented the seller, New York-based private equity real estate investment firm Angelo Gordon, in the transaction.
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