TAMPA — The Renaissance Center office park in the West Shore area has been sold for $108 million in what is being called Tampa Bay's largest suburban office sale in the past year.
The 71-acre park, which includes five buildings with a total of 532,371 square feet, was built between 1997 and 2001 to house Capital One's customer service call center operations. Apart from a deli and a few other small businesses, Capital One and WellCare Health Plans are the only tenants.
Included in the sale is a 4-acre site permitted for a sixth building, with 111,600 square feet. The buyer, New Jersey-based Vision Properties, has indicated that it plans to build on the site within the year.
"The Tampa office market has continued to outperform many other office markets around the country," Anthony Arena, director of acquisitions for Vision Properties, said in a statement. "This can be attributed to the talented labor pool, large tax incentive packages and low cost of business."
He noted that the Tampa-St. Petersburg-Clearwater metro area has added 32,900 jobs in the 12 months ending June 2015 and 109,300 jobs in the past five years.
Cushman & Wakefield announced the deal, which it said is the biggest of its kind in the bay area in the past 12 months.
"Renaissance Center is one of the nicest corporate campuses not only in Central Florida, but probably the state," said Rick Brugge, Cushman's senior director. "It was built by Capitol One for its use, and they really didn't spare any expense. It has features in it that you just don't get in most speculatively built office complexes — a baseball field, volleyball court, jogging trails, nature preserve, basketball courts, covered walkways between buildings. It's super nice."
Cushman & Wakefield represented the seller, Liberty Property Trust, an $8-billion Pennsylvania-based real estate investment trust, or REIT, that owns 106 million square feet of office and industrial space in 20 markets in the United States and the United Kingdom.
Liberty, whose shares are traded on the New York Stock Exchange, is transitioning to an industrial-only REIT.
Vision Properties, with headquarters in Mountain Lakes, N.J., has regional offices in Charlotte and Atlanta. According to its website, it has acquired, developed and operated more than 80 million square feet of real estate projects with an emphasis on major submarkets like Tampa's West Shore Business District.
Contact Susan Taylor Martin at firstname.lastname@example.org or (727) 893-8642. Follow @susanskate.