{"id":1004720407,"date":"2024-07-09T04:23:34","date_gmt":"2024-07-09T12:23:34","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004720407"},"modified":"2024-07-09T05:34:00","modified_gmt":"2024-07-09T13:34:00","slug":"saxum-buys-tampas-largest-office-property-for-45m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/saxum-buys-tampas-largest-office-property-for-45m\/","title":{"rendered":"Saxum Buys Tampa\u2019s Largest Office Property"},"content":{"rendered":"\n<p>Saxum Real Estate Partners, a New Jersey\u2013based private real estate investment company, has made a splash with their first purchase in the Tampa Bay market, acquiring NetPark Tampa Bay, a 947,176-square-foot, two-story office complex.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/NetPark-Tampa-Bay-aerial.png\"><img loading=\"lazy\" decoding=\"async\" width=\"788\" height=\"600\" data-attachment-id=\"1004720424\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/saxum-buys-tampas-largest-office-property-for-45m\/netpark-tampa-bay-aerial\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/NetPark-Tampa-Bay-aerial.png\" data-orig-size=\"788,600\" 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=\"NetPark-Tampa-Bay-aerial\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Aerial view of NetPark Tampa Bay at 5701 E. Hillsborough Ave. Image courtesy of CBRE&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/NetPark-Tampa-Bay-aerial.png?w=788\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/NetPark-Tampa-Bay-aerial.png\" alt=\"Aerial view of NetPark Tampa Bay at 5701 E. Hillsborough Ave. \" class=\"wp-image-1004720424\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/NetPark-Tampa-Bay-aerial.png 788w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/NetPark-Tampa-Bay-aerial.png?resize=300,228 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/NetPark-Tampa-Bay-aerial.png?resize=768,585 768w\" sizes=\"auto, (max-width: 788px) 100vw, 788px\" \/><\/a><figcaption class=\"wp-element-caption\">Aerial view of NetPark Tampa Bay at 5701 E. Hillsborough Ave. <em>Image courtesy of CBRE<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>CBRE represented the seller, Bluett Capital Realty Inc., of Sacramento, Calif., and their tenants-in-common ownership group. The purchase price was $45 million, according to CommercialEdge data. <\/p>\n\n\n\n<p>CBRE reported that the deal not only involved the Tampa market\u2019s largest office property, but that this was the biggest office asset sold in the whole Southeast since 2022.<\/p>\n\n\n\n<p>NetPark Tampa Bay is at 5701 E. Hillsborough Ave., on a 98.7-acre site in the East Tampa\/I-75 Corridor submarket. The property\u2019s on-site amenities include a fitness facility, dining hall, conference center and auditorium, on-site day care facility and a HART bus transfer station.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/top-5-office-transactions-in-the-u-s\/\">Top 5 Office Transactions in the US<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p>The property is 60 percent occupied by a diverse tenant roster including a variety of public and private-sector firms, in spaces ranging from 1,250 to nearly 150,000 square feet.<\/p>\n\n\n\n<p>Formerly known as East Lake Square Mall, the property was Tampa\u2019s original regional mall when developed in 1976, according to CBRE.<\/p>\n\n\n\n<p>Dale Peterson, Joe Chick and Courtney Snell with CBRE Capital Markets represented the seller.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-warm-to-cold\">Warm to cold<\/h2>\n\n\n\n<p>The metro Tampa, Fla., office market is seeing limited overall absorption so far this year. That\u2019s in part because of a handful of major corporate relocations, according to a first-quarter report from JLL. Despite this, the report states, \u201cmany large deals have been inked throughout the past six months, signaling the continued need for large blocks of space.\u201d<\/p>\n\n\n\n<p>Overall office vacancy across the metro is 17.2 percent, about where it has stayed for two-plus years. Approximately 430,000 square feet of space is under construction, about three-quarters of it preleased.<\/p>\n\n\n\n<p>In contrast to subtropical Tampa, some of Saxum\u2019s recent moves have been in the cold storage sector. Last December, the company, with its equity capital partner BGO, <a href=\"https:\/\/www.commercialsearch.com\/news\/saxum-bgo-recapitalize-1-5-msf-cold-storage-portfolio\/\">completed the recapitalization<\/a> of an approximately 1.5 million-square-foot cold storage portfolio. The six recently delivered properties are in Phoenix; Atlanta; Dallas\u2013Fort Worth; Hazleton, Pa.; and Reno, Nev.<\/p>\n\n\n\n<p>And in April, Saxum and Arcadia Cold Storage &amp; Logistics announced plans to <a href=\"https:\/\/www.commercialsearch.com\/news\/arcadia-cold-to-expand-chicago-footprint\/\">build two cold storage facilities<\/a> in the Chicago metro, with one of them to begin construction by the end of this year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This transaction also marks the company\u2019s first acquisition in the market. <\/p>\n","protected":false},"author":882,"featured_media":1004720424,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21783,21742,21747,32781,1612],"tags":[32789,32796,52262],"class_list":["post-1004720407","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-investment","category-latest","category-office","category-southeast","category-tampa","tag-cbre","tag-jll","tag-saxum-real-estate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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