Five Tampa offices buildings sell for $111M

TAMPA — Prudential Real Estate Investors purchased five buildings in the Highland Oaks office park for $111 million. The 575,852 square feet of space sold for $193 a square foot.

The real estate investment business of Prudential Financial Inc. purchased 124,597-square-foot Highland Oaks I; 125,318-square-foot Highland Oaks II; 99,089-square-foot Highland Oaks III; 128,376-square-foot Highland Oaks IV; and 98,472-square-foot Highland Oaks V.

The complex is home to eight office buildings, including three owned and occupied by J.P. Morgan Chase. The park, off of Interstate 75, one exit south of the Interstate 4 interchange, also houses a 150-room Hilton Garden Hotel. Duke Realty originally developed the park between 1999 and 2008.

The property is currently 96% occupied by 46 tenants, including Cognizant, McDonald's, Mosaic, ConAgra, The J.M. Smucker Co. and John Deere.

CBRE, which assumed leasing the buildings in June 2012, will continue to be the exclusive leasing agent for the five buildings, according to a release.

Amy Julian, Christian Lee and Dale Peterson of CBRE arraigned the sale. Other members of the marketing team include Charles Foschini, Jose Lobon and Chris Apone. CBRE's Roxanne Kemph will serve as the leasing agent.

“Highland Oaks is one of the highest quality office parks in Tampa, boasting seven Fortune 500 tenants and the highest overall occupancy rates in the suburban market,” Lee says in the release. “The buyer has acquired an institutional-quality asset located in a supply-constrained market at well below replacement cost.”