Cardinal Point Management, Halstatt buy Carillon Park's Echelon Pointe

BUYER: Carillon Holdings LLC (principals: Rufus Williams IV and Gregory Williams), St. Petersburg
SELLER: Carillon Pointe LLC
PROPERTY: 970 Lake Carillon Drive, St. Petersburg
PRICE: $21.25 million
PREVIOUS PRICE: $1.46 million, December 2002
LAW FIRM ON DEED: Hill Ward Henderson, Tampa

PLANS, DESCRIPTION: A joint venture of Cardinal Point Management LLC and Halstatt Real Estate Partners has purchased its fourth office building in Carillon Park. The partnership acquired the 123,639-square-foot Echelon Pointe building in St. Petersburg for $21.25 million.

The price equated to $172 per square foot. That figure is higher than the two-year average price per square foot for office space ($115) in the Tampa Bay area, according to the CoStar Group.

Completed in 2007, Echelon Pointe is a five-story suburban office building with a 359-space parking garage on 5.14-acre site. The property is 97% occupied. Its anchor tenants include Paychex, Smith and Nephew and Regus.

The same joint venture purchased three Carillon Parkway office buildings for $41.5 million earlier this year. Those purchases gave the group a total of 312,543 square feet in the office park.

Rufus Williams IV, principal with Cardinal Point Management, says the fourth building offered the companies economies of scale and that no changes are planned for the newly acquired building.

An HFF investment sales team, led by Hermen Rodriguez, Ike Ojala and Jorge Portela marketed the property for the seller, an institutional investor. Chris Drew of HFF's equity placement team also represented Cardinal Point Management in the joint-venture equity agreement with Halstatt Real Estate Partners.

The purchase entity Carillon Holdings LLC mortgaged the property to Wells Fargo Bank NA for $28 million.