A joint venture partnership purchased a mortgage covering the Lakeview Center and Eastpointe office buildings from GE Capital and took ownership of the properties in lieu of foreclosure.
BUYER: EP East Tampa LLC (Penn-Florida Cos. and Edge Principal Advisors LLC), Boca Raton
SELLER IN LIEU OF FORECLOSURE: East Tampa LLC
PROPERTY: 3802 Corporex Park Drive and 6700 Lakeview Center Drive, Tampa
PRICE: $26.09 (remaining mortgage balance)
PREVIOUS PRICE: $8.4 million, November 2006 and $10.95 million, April 2004
LAW FIRM ON DEED: Bilzin Sumberg Baena Price & Axelrod LLP, Miami
PLANS, DESCRIPTION: A joint venture partnership of Boca Raton-based Penn-Florida Cos. and New York City-based Edge Principal Advisors LLC purchased a mortgage covering the Lakeview Center and Eastpointe office buildings from General Electric Capital and has taken ownership of the properties in lieu of foreclosure.
Built in 1984, Lakeview Center features 187,500 square feet of commercial space. The 23-year-old Eastpointe houses 85,063 square feet of space. Eastpointe has 20,000 square feet of vacant space and Lakeview Center has 143,000 square feet. More than half the rentable space in the two buildings was previously leased to Bank of America.
The new ownership plans to renovate Lakeview Center's common areas, signage and landscaping.
“These assets were purchased at a price that allows us to market the available space on aggressive terms,” Jason Isaacson, president of Penn-Florida, says in a press release. “The buildings have a tremendous competitive advantage in attracting data, financial and other large users given the existing infrastructure and superb location. When combined with the planned and existing improvements, these assets offer tenants best-in-class space at a great value.”
Penn-Florida Cos. manages both Lakeview Center and Eastpointe. Anne-Marie Ayers and Jane Dizona with CB Richard Ellis are representing the property for the new landlords. Vacant space is being listed for between $17 to $18 a square foot.