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Brookfield opportunity fund buys Fountain Square buildings
BUYER: BREOF BNK3A Memorial LP (Brookfield Real Estate Opportunity Fund), New York City
SELLER: Chase Bankcard Services Inc.
PROPERTY: 4900 Memorial Highway, Tampa
PRICE: $27.75 million
PREVIOUS PRICE: $3.5 million, September 1994
BUYER: BREOF BNK3A Independence LP (Brookfield Real Estate Opportunity Fund), New York City
SELLER: Chase Bankcard Services Inc.
PROPERTY: 4915 Independence Parkway, Tampa
PRICE: $15.75 million
PREVIOUS PRICE: $31 million, November 1993
LAW FIRM ON DEED: DLA Piper LLP, Chicago
PLANS, DESCRIPTION: The Brookfield Real Estate Opportunity Fund, a collection of funds sponsored by Brookfield Asset Management, purchased the Plaza at Fountain Square III and Fountain Square I in Westshore from Chase Bankcard Services for $43.5 million.
The Hillsborough County Property Appraiser's office describes the Plaza at Fountain Square III as an 182,063-square-foot, four-story office building and a five-story parking garage on a 6.04-acre parcel.
Fountain Square I is reported as a four-story, 138,525-square-foot office building and a three-story parking garage on 7.04 acres.
The purchase price equated to $3.33 million per acre.
The two buildings were purchased as part of a 16-property acquisition covering 2.9-million square feet from JPMorgan Chase. JPMorgan Chase is leasing back 60% of the total portfolio space on a long-term basis.
The bank was represented in the transaction by Houlihan Lokey and by J.P. Morgan Real Estate Advisors Inc.
Brookfield Real Estate Opportunity Fund has acquired more than 100 properties containing 12 million square feet of space from JP Morgan Chase over the last four years.
The fund mortgaged the two Tampa properties to Wells Fargo Bank NA for $40.14 million.
The Brookfield Real Estate Opportunity Fund invests and manages two funds with $1.8 billion of assets with 16 million square feet of commercial office, industrial and multi-family residential properties.
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