URDANG, Crocker Partners buy Two Harbour Place, and extra land

BUYER: AMP/CPL-THP Property LLC
SELLER: Amstar/CNL Two Harbour LLC
PROPERTY: 302 Knights Run Ave., Tampa
PRICE: $32 million
PREVIOUS PRICE: $32.25 million, December 2007

BUYER: AMP/CPL-THP Adjacent Property LLC
SELLER: Lindell-Harbour LLC
PROPERTY: 402 Knights Run Ave., Tampa
PRICE: $2.5 million
LAW FIRM ON DEED: Lowndes Drosdick Doster Kantor & Reed PA, Orlando

PLANS, DESCRIPTION: A joint venture of URDANG, the real estate manager for BNY Mellon, and Boca Raton-based Crocker Partners purchased the Two Harbour Place office building and an adjacent 1.27-acre parcel for $34.5 million.

The $32 million purchase price for the 12-story Two Harbour Place equated to $178 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.

Built in 1998, the 180,000-square-foot class-A Two Harbour Place is 90% occupied. The office building was significantly renovated in 2006 and features a six-level parking garage. The property has redundant power feeds, three backup generators and fiber-optic networking.

The vacant site is zoned for a future residential multifamily development.

“Excess parking in the Two Harbour Place garage can be made available to future residents of the adjacent multifamily site,” David Rabin, managing director of private real estate at Urdang Capital Management, says in a news release. “Providing this parking can unlock value in the multifamily site and facilitate construction of a luxury residential tower on the property. Furthermore, the revenue from leasing these excess parking spaces enhances the value of the office property.”

Tom Brockwell, partner with Crocker Partners, says the property's Harbour Island location is also poised to outperform the market over the medium term.

Since 1993, Crocker Partners, a real estate investment firm, has acquired and managed more than $3 billion worth of real estate.

Founded in 1987, URDANG manages $6.4 billion in public real estate securities through Urdang Securities Management Inc. and $2.3 billion (gross) in debt and private equity real estate investments through Urdang Capital Management Inc. It is one of the investment entities of BNY Mellon Investment Management.

The joint venture mortgaged both properties to SunTrust Bank for $20.2 million.