Rialto Fund buys Interstate Corporate Center

BUYER: RREF ACP Acquisitions LLC (principals: Jeffrey Krasnoff, Stuart Miller, Thekla Salzman, Mark Sustana, Diane Bessette and Bruce Gross), Miami

SELLER: FOA 6302 East Martin Luther King Boulevard LLC

PROPERTY: 6302 Dr. Martin Luther King Jr. Blvd., Tampa

PRICE: $17.25 million

PREVIOUS PRICE: $25.48 million, December 1999

LAW FIRM ON DEED: Greenberg Traurig PA, Fort Lauderdale

PLANS, DESCRIPTION: Rialto Real Estate Fund, an affiliate of Rialto Capital Management LLC, purchased the 344,896-square-foot Interstate Corporate Center for $17.25 million.

The price equated to $50 per square foot.

Built in 1984, the Class-B office building was last renovated in 1997. It was 76% occupied at the time of the sale and currently houses Remington College, Strayer University and the Florida Department of Revenue.

Dale Peterson and Paul Carr of the Tampa Investment Properties Group of CBRE represented the seller.

Rialto Capital Management did not respond prior to deadline.

Rialto, a Miami-based subsidiary of public homebuilder Lennar Corp., and its affiliated entities have invested in or handled the workout and/or oversight of billions of dollars of real estate assets, including distressed commercial and residential real estate loans and properties, as well as mortgage-backed securities.

Rialto is also the sponsor and investor in a private equity fund that invests in distressed and value-add real estate.

This story has been updated to reflect the correct representatives of the seller.