Halstatt Real Estate Partners, a real estate private equity firm, has sold Tampa-based 580 Corporate Center, a six-building commercial office property. No financial terms were disclosed for the transaction that was done in partnership with Cardinal Point Management.
NAPLES, Fla.–(BUSINESS WIRE)–Halstatt Real Estate Partners, a real estate private equity firm, today announced the sale of 580 Corporate Center in Tampa. Halstatt, in partnership with Cardinal Point Management, purchased the six-building commercial office space property in March 2017 and implemented a leasing stabilization strategy that generated an additional 150,000 square feet of leasing space and increased occupancy from 54.7% to 94.3%.
“We saw a tremendous lease-up opportunity in the Tampa light industrial and garden office space market. The property was well located, had a history of being fully occupied and the Tampa market dynamics are strong”
“We saw a tremendous lease-up opportunity in the Tampa light industrial and garden office space market. The property was well located, had a history of being fully occupied and the Tampa market dynamics are strong,” said Katie Sproul, chief executive officer, Halstatt. “We worked with Cardinal Point Management to improve, lease and manage the building and are very pleased with the result. Halstatt, along with our operating partners, continue to look for value add and opportunistic real estate throughout the Southeast.”
Comprising six buildings, 580 Corporate Center has 376,551 square feet of office space including dock high warehouse, garden office and light industrial space. Originally purchased in March of 2017, leasing momentum was driven by regional industrial users as well as office space tenants.
Halstatt Real Estate Partners identifies value add and opportunistic real estate projects throughout the Florida market. The company partners with qualified sponsors to develop and implement a strategic business and capital improvement plan to reposition and maximize the value of underutilized properties.
About Halstatt Real Estate Partners
Halstatt Real Estate Partners (“HREP”), a women-owned real estate private equity firm, has participated in the acquisition and development of over $850 million in Florida-based real estate assets since 2011. Founded by the Sproul family, based in Naples, Florida, and a proud part of the Barron Gift Collier legacy in Southwest Florida, HREP invests in middle market, value add and opportunistic commercial and residential real estate projects. HREP works with best-in-class local and regional operating partners to maximize the value of its real estate investments. HREP invests alongside a cross-section of institutional limited partners with a history of continuity from fund to fund including charitable foundations and endowments, domestic and international family offices, and corporate pension funds. www.halstatt.com