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Eola, others buy International Plaza Four
BUYER: IP4 Owner LLC (principal: Troy Cox), Jacksonville
SELLER: Crescent Resources LLC
PROPERTY: 4301 W. Boy Scout Blvd., Tampa
PRICE: $25 million
LAW FIRM ON ASSIGNMENT: Driver McAfee Peek & Hawthorne PL, Jacksonville
PLANS, DESCRIPTION: IP4 Owner LLC, an investment group composed of Richard Corbett of the Concorde Cos. and Jim Heistand, chairman of the Orlando-based real-estate investment firm Eola Capital, purchased International Plaza Four from Crescent Resources for $25 million.
The 247,000-square-foot office building is on Boy Scout Boulevard near the intersection with Lois Avenue. Eola Capital will manage the property.
Crescent Resources built the property in late 2008, and it currently houses several tenants in the technology, healthcare, legal and banking industries.
“Crescent Resources signed leases for 60% of it before they filed for [Chapter 11] bankruptcy,” says Kyle Burd, regional vice president of Eola Capital. “This is a best-of-class asset. While there is a substantial vacancy in the market, there is only 240,000 to 250,000 square feet of brand new space in the market place, and when it's gone there won't be much for quite a while.”
Heistand expects the property to outperform the overall Westshore market.
IP4 Owner LLC mortgaged the property to M&I Marshall & Ilsley Bank for $24 million.
Eola Capital is one of the largest privately held real estate investment firms in the Eastern United States with more than 16.3-million-square-feet of commercial office space. Following the acquisition, Eola Capital's holdings in the Tampa region totals roughly two-million square feet of office space.
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