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Business Observer Friday, Dec. 30, 2005 12 years ago

Real Estate Briefs (Tampa)

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Wells Real Estate buys Tampa CommonsNonprofit organization buys Largo apartment complexSouth Carolina business Buys Pinellas Park property
by: Adam Hughes Staff Writer

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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