Ally Capital Group, based in Tampa, Florida, purchased the two-building Urban Centre for $123 million from Starwood Capital Group last year as high-end, well-located buildings continue to outperform the broader office market.
The two properties totaling 540,498 square feet were 88% leased at the time of the sale. The seller was able to make improvements to the building's common areas and on-site restaurant.
“Despite the current choppiness in the national office capital markets landscape, this asset garnered significant investor interest due to its positioning as one of the top office assets in the Westshore Submarket, a location of choice in Florida for investment capital flows," said Mike Davis, executive vice Chair at Cushman & Wakefield.
The project has been selected as the winner of the 2024 CoStar Impact Award for sale of the year, as judged by a local team of real estate professionals familiar with the market.
About the Deal: Ally paid about $227 per square foot for the two multitenant suburban office buildings at 4830 and 4890 W. Kennedy Blvd. The portfolio offers substantial on-site amenities such as dining, lodging and a private business and social club along with easy access to Westshore Plaza Mall and Tampa International Airport.
What the Judges Said: "This transaction is a testament to continued investor interest for the right assets in the right markets, despite the current challenges of the capital markets environment," said Lisa Ross, managing director with Cushman & Wakefield. "Class A office space with tons of amenities in Tampa Bay remains a sought after investment, for both investors and tenants alike."
They Made It Happen: Rick Colon, Mike Davis, Rick Brugge, Dominic Montazemi, Alex Sulte and Chloe Strada of Cushman & Wakefield represented the seller.