ZGS Communications related entity buys Equity's Spruce Street office building

BUYER: Spruce Street Media LLC (principal: Peter Housman), Arlington, Va.
SELLER: Pan Am LLC
PROPERTY: 4107 W. Spruce St., Tampa

PRICE: $2.57 million
PREVIOUS PRICE: $3.85 million, June 2006
LAW FIRM ON DEED: Holfinger Stevenson Law Firm Ltd., Columbus, Ohio

PLANS, DESCRIPTION:
A company led by Peter Housman, president of the Virginia multimedia company ZGS Communications, purchased a 28,806-square-foot office building in Westshore for $2.57 million.

The price equated to $89 per square foot. That figure is lower than the two-year average price per square foot for office space ($115) in the Tampa Bay area, according to the CoStar Group.

Located on a 1.6-acre parcel at the corner of Lois Avenue and Spruce Street, the two-story building currently houses the commercial real estate firm and seller Equity.

Brad Heeter of Equity, says the property was sold in a sale-leaseback transaction that leaves operations of the property in the hands of Equity.

ZGS Communications is a Hispanic-owned multimedia company that owns or operates 12 Spanish-language television stations, three Spanish-language radio stations serving Washington, D.C., and Tampa and the Spanish-language Web portal holaciudad.com.

The purchase entity Spruce Street Media LLC, mortgaged the property to USAmeriBank for $2.45 million.