Tampa Electric Bought for $22 Million in Competitive Bid

  

Camille Renshaw

NEW YORK, NY  – Stan Johnson Company, the nation’s premier net lease brokerage firm, has completed the $22 million sale of the headquarters of Tampa Electric Co., the principal subsidiary of TECO Energy Inc. (NASDAQ: TE),  on behalf of an institutional partnership. 

TECO Plaza is an approximately 277,454-square-foot office property comprising of an entire city block at 702 N. Franklin St. in Downtown Tampa, FL.   Tampa Electric has supplied the area with electricity since 1899, servicing approximately 2,000 square miles of West Florida.

Camille Renshaw of Stan Johnson Company represented the seller, a partnership managed by a subsidiary of a major, multinational financial services company.   Benderson Development, one of the country’s largest privately-held real estate companies, was the buyer.  The single tenant, net lease property was a build-to-suit for TECO in 1979. 

TECO Plaza, Downtown Tampa, FL

A unique component of the transaction was the extremely competitive nature of the bid process as over twenty groups intensely sought the purchase.  The result was a sales price with a +/-5.78% cash-on-cash return to the buyer.

“Institutional sellers are very demanding in their pricing of single-tenant assets, even in a secondary market like Tampa,” said Renshaw. 

  “Every detail of the bid process had to be specially managed to create the returns our seller required, but the heated net lease market obliged us, due to very limited supply and a huge demand.”

For a complete copy of the company’s news release, please contact:

 David Ebeling

 Ebeling Communications

(949) 278-7851