{"id":1004257286,"date":"2018-08-13T00:40:43","date_gmt":"2018-08-13T08:40:43","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004257286"},"modified":"2022-12-08T04:01:33","modified_gmt":"2022-12-08T12:01:33","slug":"priam-capital-enters-tampa-bay-office-market","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/priam-capital-enters-tampa-bay-office-market\/","title":{"rendered":"Priam Capital Enters Tampa Bay Office Market"},"content":{"rendered":"<p>By Keith Loria<\/p>\n<div id=\"attachment_1004257289\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/The-Collection-at-Sabal-Park.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004257289\" data-attachment-id=\"1004257289\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/priam-capital-enters-tampa-bay-office-market\/the-collection-at-sabal-park\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/The-Collection-at-Sabal-Park.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"The Collection at Sabal Park\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;The Collection at Sabal Park&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/The-Collection-at-Sabal-Park.jpg?w=800\" class=\"wp-image-1004257289 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/The-Collection-at-Sabal-Park.jpg\" alt=\"The Collection at Sabal Park\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/The-Collection-at-Sabal-Park.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/The-Collection-at-Sabal-Park.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/The-Collection-at-Sabal-Park.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004257289\" class=\"wp-caption-text\">The Collection at Sabal Park<\/p><\/div>\n<p>Priam Capital has purchased The Collection at Sabal Park in Tampa, Fla. IP Capital Partners sold the 435,837-square-foot, eight-building office portfolio for $52 million.&nbsp;The acquisition marks Priam Capital\u2019s first venture in the Tampa Bay market.<\/p>\n<p>Cushman &amp; Wakefield&#8217;s Executive Director&nbsp;Rick Brugge,&nbsp;Vice Chairman Mike Davis and Executive Director Michael Lerner brokered the deal on behalf of the seller. The new owner&nbsp;retained the brokerage company to lease and manage the eight properties.<\/p>\n<p><em>\u201cThe Collection at Sabal Park is a large suburban office portfolio in a very nice mixed-use park with varying product types and quality that meets many different tenant needs,\u201d <\/em>Rick Brugge, Cushman &amp; Wakefield\u2019s executive director, told <em>Commercial Property Executive. \u201cThe location is excellent in the middle of the I-75 Corridor.&nbsp;The size of the portfolio also offers critical mass to the owner.\u201d<\/em><\/p>\n<p>The addresses for the eight buildings are 10117, 10002, 9950 and 9720 Princess Palm Ave. and 3923-3925, 3901, 3829 and 3922 Coconut Palm Drive, consisting of four multi-story buildings and four single-story buildings, and ranging in size from 21,300 to 135,362 square feet. All eight buildings in the portfolio are located within Sabal Park, a 4.8 million-square-foot, master-planned business park at the interchange of Interstate 75 and Dr. Martin Luther King Jr. Boulevard. Sabal Park also includes five restaurants, five hotels, a bank and a full-service child care facility.<\/p>\n<p>At the time of sale, the Collection at Sabal Park was 86 percent leased to a tenant roster that includes Coca-Cola, Permanent General, U.S. Army Corps of Engineers, Sodexo, Advantage Sales and Marketing and Taylor Morrison.&nbsp;According to Brugge, Sabal Park is a choice corporate destination in Tampa\u2019s I-75 Corridor that appeals to a wide variety of tenants as it\u2019s just 10 minutes from downtown Tampa.<\/p>\n<h2>Impressive Tampa market<\/h2>\n<p>Cushman &amp; Wakefield\u2019s latest MarketBeat report on the Tampa office market revealed the overall vacancy rate for office in Hillsborough County fell over the past 12 months by 160 bps to 10.9 percent, its lowest numbers since 2006. Additionally, Class A office space tenant demand and absorption pushed overall vacancy rates to 7.8 percent, the lowest Class A overall vacancy rate in more than 20 years. &nbsp;<\/p>\n<p><em>\u201cReal estate fundamentals remain strong in Tampa Bay and should remain strong as long as we continue to have solid population and job growth,\u201d<\/em> Brugge said. <em>\u201cInterest from investors was very strong.\u201d<\/em><\/p>\n<p>Earlier this month, The Bromley Cos. selected Cushman &amp; Wakefield to <a href=\"https:\/\/www.commercialsearch.com\/news\/cushman-wakefield-retained-for-tampa-office-project\/\">oversee office leasing at Midtown Tampa<\/a>, an upcoming 1.8 million-square-foot, mixed-use project in the area.<\/p>\n<p><em>Image courtesy of Cushman &amp; Wakefield<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Nashville-based company acquired an eight-building portfolio totaling roughly 435,000 square feet. Cushman &amp; Wakefield facilitated the transaction on behalf of the seller.<\/p>\n","protected":false},"author":451,"featured_media":1004257289,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,21742,21747,1612],"tags":[32799,34021,36244,37580,36245],"class_list":["post-1004257286","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-latest","category-office","category-tampa","tag-cushman-wakefield","tag-michael-lerner","tag-mike-davis","tag-priam-capital","tag-rick-brugge"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Priam Capital Enters Tampa Bay Office Market - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/priam-capital-enters-tampa-bay-office-market\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Priam Capital Enters Tampa Bay Office Market\" \/>\n<meta property=\"og:description\" content=\"The Nashville-based company acquired an eight-building portfolio totaling roughly 435,000 square feet. 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