Richmond, Va.-based commercial real estate investment firm Lingerfeld Commonwealth Partners (LCP) recently announced the sale of Buschwood III in Tampa, Fla., to fellow Virginia-based company Continental Capital Partners (CCP). The sale price was reported to be $10.35 million.
Located on a landscaped, 7.6-acre lot, the property incorporates 77,568 square feet of Class A Tampa office space across two stories, and boasts a parking ratio of five spaces per 1,000 square feet. Nestled in the Northwest submarket of the city, Buschwood III ensures superior access to workforce and executive housing, as well as the Westshore district and Tampa International Airport.
LCP acquired the property in 2018 for just under $9 million and at 86% occupancy. By the time of the most recent sale to CCP, leasing was up to 92% in the office campus. Commonwealth Commercial Partners secured asset and property management throughout, and will continue to cover management services at the property. Current tenants include CoAdvantage, BluePearl Veterinary Services and the GSA.
Scott Holman, Florida managing director at LCP, said of the partnership, “We have had the opportunity to work with the last two ownership groups at this project and we look forward to continuing to provide excellent service to the tenants under Continental Capital’s ownership, as well as creating additional value for our client’s new asset.”
Lingerfeld Commonwealth and its partners have developed, acquired and managed approximately 20 million square feet of commercial real estate, totaling roughly $2 billion in assets across the Southwest and Mid-Atlantic regions. Although Virginia markets currently account for the majority of LCP’s portfolio, the company also owns and manages several notable office properties in other major markets, including: