HFF closes sale of Tampa Class A office buildings

MIAMI, FL – The Miami office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has closed the sale of Fountain Square I and III, (top left photo) Class A office buildings totaling 311,816 square feet in Tampa, Florida.

HFF managing director Hermen Rodriguez (middle right photo) , executive managing director Manny de Zárraga and director Ike Ojala (bottom left photo)  led the investment sales team on behalf of the seller, Brookfield Asset Management.

W.P. Carey & Co., LLC purchased the properties free and clear of debt.

Fountain Square I and III are located at 4915 Independence Highway and 4900 Memorial Highway respectively in the Westshore area of Tampa.

This location is adjacent to Tampa International Airport and close to Interstate 275, State Route 60 and Veterans Expressway.

The four-story properties are fully leased to JP Morgan Chase on a long-term basis.

Fountain Square I is a 135,666-square-foot building with a 708-space garage and a retail bank branch. Fountain Square III, completed in 2000, has 176,150 square feet plus a 912-space garage, a cafeteria, training rooms and a daycare facility.

“Fountain Square I and III presented investors with an opportunity to acquire Class A office buildings that have reliable, long-term cash flow, in-place rents that are below market and an acquisition price that is below replacement cost.

"There is incredible investor appetite for well-positioned Florida office buildings,” said Rodriguez.

Contacts:

Manuel de Zarraga, HFF Executive Managing Director, (305) 448-1333, mdezarraga@hfflp.com
 Hermen Rodriguez, HFF Managing Director, (305) 448-1333, hrodriguez@hfflp.com
 Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com