Done Deals: HFF closes sale and arranges joint venture equity for Echelon Pointe in St. Petersburg, FL

Monday, July 22, 2013

HFF closes sale and arranges joint venture equity for Echelon Pointe in St. Petersburg, FL

Echelon Pointe, St. Petersburg, FL

MIAMI, FL –HFF announced today that it has closed the sale of and arranged joint venture equity for the acquisition of Echelon Pointe, a 123,639-square-foot, Class A office building in St. Petersburg, Florida.

Hermen Rodriguez

HFF marketed the property on behalf of the seller, an institutional investor. Cardinal Point Management, LLC purchased the asset free and clear of any debt and HFF also arranged the joint venture equity with Halstatt Real Estate Partners for the acquisition of the property.

Completed in 2007, Echelon Pointe is a five-story, Class A suburban office building with a 359-space parking garage. The property is 97 percent leased to a number of prominent tenants including Paychex, Smith and Nephew, and Regus.

Ike Ojala

Echelon Pointe is situated on 5.14 acres at 970 Lake Carillon Drive immediately adjacent to a full-service Hilton hotel within the 432-acre Carillon Park office park in St. Petersburg.

The HFF investment sales team representing the seller was led by Hermen Rodriguez, Ike Ojala and Jorge Portela.

“Echelon Pointe was developed as a Class A office building, with excellent tenancy and as such received tremendous investor interest,” noted Rodriguez.

HFF’s equity placement team representing Cardinal Point Management, LLC was led by director Chris Drew. Halstatt Real Estate Partners provided the joint venture equity.

“This partnership has made strategic suburban office acquisitions during the past eight months and now controls almost half a million square feet of Class A office space in the gateway submarket of Tampa, Florida”, added Drew.

HFF’s investment sales team closed more than $4.9 billion in office building sales nationally in 2012. HFF closed more than $400 million in office transactions across all capital markets platforms in the state of Florida during 2012.