Westshore Center, a nine-story office building in Tampa's West Shore business district, has been sold and will be renovated.
Built in 1994, the center at 1715 N Westshore Blvd. was 88 percent occupied at the time of the sale to Roseview-PMRG Fund I, a joint venture of the Roseview Group, a Seattle-based investment firm, and PM Realty Group, which owns office centers in Orlando, West Palm Beach and Boca Raton.
"Market dynamics in the West Shore area continue to improve with vacancy rates tending lower and rental rates rising quickly," said Rick Brugge of Cushman & Wakefield, which represented the seller, an institutional owner. "With the lack of new speculative construction and robust job growth in the office-using sectors of the economy, we project rents will continue to rise.''
Current vacancy rates in West Shore, Florida's largest suburban office market, are 10.4 percent, a 3.3 percentage point decrease since 2013.
West Shore has become a live, work and play area with more than 1,000 new residential units built, 986 under construction and 500 proposed.
The sale price of the 216,410-square-foot Westshore Center building was not disclosed.