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Real Estate Briefs (Tampa)
Wells Real Estate buys Tampa Commons
BUYER: Wells Real Estate Investment Trust II Inc., Atlanta
SELLER: American Fund OIK, a German investment group
PROPERTY: 1 N. Dale Mabry Highway, Tampa
PRICE: More than $45 million
PREVIOUS PRICE: $40.2 million, June 2003
PLANS, DESCRIPTION: Wells Real Estate Investment Trust II Inc. completed the Dec. 28 purchase of Tampa Commons, a 13-story, Class-A office building at 1 N. Dale Mabry Highway, Tampa, from American Fund OIK.
The 255,000-square-foot building, built in 1984, is 99% leased. Its biggest tenant, Time Customer Service, occupies 48% of the building.
David Steinwedell, chief investment officer for Wells, says in a statement: "This transaction provides Wells REIT II with a Class-A building in a desirable location in the Tampa metropolitan area at a price near replacement cost."
Wells REIT II has 44 buildings, including Tampa Commons, in its 16-state portfolio that cost about $2.4 billion.
Nonprofit organization buys
Largo apartment complex
BUYER: AHF Bay Fund Inc.
SELLER: Reliance Brittany Bay LLC
PROPERTY: 1201 Seminole Boulevard, Largo
PRICE: $29,770,000
PREVIOUS PRICE: $22 million, December 2000
LAW FIRMS ON DEED: Willis Ritter, Washington, D.C.; and Stuart K. Hoffman, Miami.
PLANS, DESCRIPTION: Grapevine, Texas-based AHF Bay Fund Inc. paid $29.7 million on Nov. 21 for the Brittany Bay Apartments in Largo. The nonprofit organization bought the complex and four others from Fort Lauderdale-based Reliance Housing Foundation Inc., a nonprofit group whose mission is to provide "fit, safe and affordable housing for low and moderate income people," according to its Web site.
Brittany Bay, a 568-unit complex built in 1972 has undergone a $1.8 million capital improvement program to update the interiors of the apartments. The complex is a mixed income community that meets the requirements of IRS Safe Harbor regulations for 501(c)(3) bond financed properties.
South Carolina business
Buys Pinellas Park property
BUYER: Palmetto Hospitality of Pinellas Park LLC
SELLER: P.B. Realty Inc.
PROPERTY: Pinellas Groves, Pinellas Park
PRICE: $12.9 million
PREVIOUS PRICE: $1 million, 1989
LAW FIRM ON DEED: Richard A. Stoffels, St. Petersburg
PLANS, DESCRIPTION: Palmetto Hospitality of Pinellas Park, a Spartanburg, S.C., company paid $12.9 million on Nov. 18 for the Pinellas Groves in Pinellas Park. The company obtained a $5.3 million loan from Bank of America for the property.
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