Om Ventures, investors buy Tampa's Palms Center

Om Ventures, investors buy Tampa's Palms Center

BUYER: Tampa Palms Center LLC (Om Ventures Inc.), Tampa

SELLER: Palms Center Limited

PROPERTY: 15043 Bruce B. Downs Blvd., Tampa

PRICE: $2.7 million

PREVIOUS PRICE: $475,000, April 1997

LAW FIRM ON DEED: Keating & Schlitt PA, Orlando

PLANS, DESCRIPTION: Tampa Palms Center LLC, a partnership of Om Ventures Inc. and a group of investors, purchased the two-building Palms Center office development on Bruce B. Downs Boulevard west of Interstate 75 for $2.7 million. The purchase price equated to $125 per square foot.

The 21,594-square-foot center was 100% leased at the time of the sale. Tenants include the St. Joseph's Hospital pediatrics department North Tampa Specialty Center, Panda Hugs Learning Center, Quest Center Martial Arts and Ferrera Dental Associates.

“This was an investment for us,” says Dharama Malempati, president of Om Ventures. “We liked the tenants and the location of the property. Being on Bruce B. Downs we felt there was a lot of long-term value in the asset.”

Om Ventures finds office, retail, industrial and multifamily investment property and than acquires it in a partnership with other investors. Om Ventures will manage the center.

The purchase entity Tampa Palms Center LLC mortgaged the property to Community Trust Bank Inc. for $1.9 million.

Michael J. Jaworski of Marcus & Millichap's Tampa office handled the transaction.