Tampa Office Building Commands $52M

Westshore Center. Image courtesy of Cushman & Wakefield

Roseview-PMRG Fund I, a discretionary fund managed by Roseview Investment Advisors, has sold Westshore Center, a Class A, 217,022-square-foot office building in the heart of the Westshore Business District in Tampa, Fla. America’s Capital Partners acquired the asset for $52 million, according to Hillsborough County public records. A Cushman & Wakefield Investment Sales team represented the seller in the transaction. The property last changed hands in 2015, when it was purchased for $40 million.

Situated at 1715 N. Westshore Blvd., Westshore Center is close to Interstate 275, just south of the International Plaza and Bay Street. Downtown Tampa is 5 miles east of the property, while Tampa International Airport is less than 4 miles north. The immediate area hosts many restaurants and shops as well as more than 5,000 hotel rooms.

Developed in 1984 on a 2.7-acre site, the nine-story building has 23,947-square-foot floorplates and offers 866 parking spaces. In 2015, the property underwent complete renovations worth $2.5 million. The updates feature modernized elevators, upgraded common areas and a new café. Westshore Center is currently 84 percent occupied, with a tenant roster including Reynold Smith & Hill, United Soccer Leagues and USI. 

The Cushman & Wakefield Investment Sales Team of Vice Chairman Mike Davis, Executive Managing Director Rick Brugge and Director Rick Colon represented the seller in the disposition. The same team arranged the sale of a four-building, Class A business park located 1 mile west of Westshore Center. That asset commanded a little over $53 million.