A JV acquired a Class A downtown office tower and five properties in Westshore
Tampa, Fla. (Nov. 26, 2019) – Berkadia announces it has secured a $121.52 million loan for the acquisition of an office portfolio consisting of six properties – a Class A office tower located in Tampa’s downtown core (501 East Kennedy Boulevard), and five properties located in the Westshore submarket. Senior Managing Director Charles Foschini and Managing Director Christopher Apone of Berkadia’s Miami office arranged the loan on behalf of a joint venture between Parkway Properties and Partners Group, global private markets investment manager. The 833,705-square-foot portfolio was acquired for $167.30 million.
The three-year, floating rate loan includes two one-year extension options, and represents a 65 percent loan to (appraised) value.
“This was an outstanding buy for Parkway/Partners and the lender recognized the same with a highly structured loan that not only allowed for the purchase but provided for the future leasing and capital needs of the property,” explained Foschini. “Flexibility was built into the loan to permit the opportunistic release and future sale or finance of the assets as the business plans were met building by building.”
The properties in the portfolio include:
- 501 East Kennedy Boulevard (295,982 square feet, built in 1981)
- REO Center – 405 North Reo Street (77,666 square feet, built in 1981)
- Westshore Corporate Center – 600 North Westshore Boulevard (173,143 square feet, built in 1988)
- Cypress Center I – 5404 Cypress Center Drive (153,634 square feet, built in 1982)
- Cypress Center II – 5405 Cypress Center Drive (49,935 square feet, built in 1982)
- Cypress Center III – 5310 Cypress Center Drive (83,345 square feet, built in 1982)