LA's Tavaco Properties buys lender-owned Park at Bay Plaza

BUYER: Tampa Adamo LLC (principal: Andrew Tavakoli), Los Angeles
SELLER: BACM 2007-4 Bay Complex LLC
PROPERTY: 9225 and 9260 Bay Plaza Blvd., Tampa
PRICE: $5.99 million
PREVIOUS PRICE: $9.4 million, June 2005
LAW FIRM ON DEED: Blizin Sumberg Baena Price & Axelrod LLP, Miami

PLANS, DESCRIPTION:
Los Angeles-based Tavaco Properties LLC purchased the 157,310-square-foot Park at Bay Plaza office park for $5.99 million.

The price equated to $38 per square foot. That figure is lower than the two-year average price per square foot for office space ($118) in the Tampa Bay area, according to the CoStar Group.

The seven-building office park, located off highways 60 and 301, was constructed in two phases in 1979 and 1984. It was 55% leased at the time of the sale. Its tenants include Brandon Health Management, the U.S. Department of Agriculture, WorkForce Brandon Career Center and the School District of Hillsborough County.

The seller, Miami-based LNR Partners, the world's largest commercial mortgage special servicer, foreclosed on the property from The Park at Bay Plaza LLC in May 2013. It also spent roughly $300,000 on capital improvements to beautify the property and address roof and other needs.

R. Anthony Fisher, vice president of Hold-Thyssen Inc., represented the seller. Hold-Thyssen, which was managing the property for the seller, will continue to manage the property and has taken on leasing for Tavaco Properties.

“With the debit service, the prior owner couldn't keep up with the market,” Fisher says. “They couldn't lower the rent below $17 to $18 a square foot. We have done six leases since the sale closed. It's [occupancy is] up to 63%.”

The new tenants include Tampa Workforce Alliance Inc. with 8,256 square feet, David Mobley Capital Insurance, MCM Worship Center, M.T. Bay Inc., Lifetouch National School Studios and Glory Ministries International.

The purchase entity, Tampa Adamo LLC, mortgaged the property to GMMF Loan Holdings LLC for $4.19 million.