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Wells Fargo Ctr Sells for $44.8M

USAA Sells 387,000-SF Tampa Office Tower
January 10, 2013
A joint venture of Feldman Equities, Inc. and Tower Realty Partners, Inc. acquired the Wells Fargo Center at 100 S. Ashley Dr. in Tampa, FL from USAA Real Estate Company for $44.8 million, or about $116 per square foot. The acquisition was funded with a loan for $17.3 million facilitated by HFF.

The 22-story, 387,477-square-foot, class A office tower was constructed in 1984 on 1.2 acres in Tampa's central business district. The property was LEED Gold-certified in 2010. At the time of sale it was 78 percent leased to Wells Fargo & Company, Phelps Dumbar and UBS.

The new owners are planning to upgrade certain aspects of the leasing amenities package including the addition of a new fitness center, restaurant and conference area, as well as providing tenants with concierge services and more aggressive lease rates in an attempt to drive up occupancy.

Michael McDonald of Eastdil Secured LLC represented the seller.

For additional information on this transaction, please see CoStar COMPS #2631509.

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