- July 2, 2011
BUYER: RT Sabal Pavilion LLC (CBRE Operating Partnership LP), Princeton, N.J.
SELLER: KBS Sabal Pavilion LLC
PROPERTY: 3620 Queen Palm Drive, Tampa
PRICE: $21.5 million
PREVIOUS PRICE: $24.25 million, July 2006
LAW FIRM ON DEED: Greenberg Traurig LLP, Irvine, Calif.
PLANS, DESCRIPTION: CB Richard Ellis Realty Trust purchased the 123,408-square-foot Sabal Pavilion office building for $21.5 million.
The price equated to $174 per square foot.
The four-story building in Sabal Park is fully leased to Ford Motor Credit Co. Built in 1998, it occupies an 11.9-acre parcel.
“We liked the location, the park it was in and the creditworthiness of the tenant,” says Phil Kianka, executive vice president and chief operating officer of CBRE Realty Trust. “And we liked the pricing we were able to achieve. This long-term lease fits well into our investment strategy. It will be a long-term hold for us.”
Kianka says Ford Motor Credit did an excellent job maintaining the building and that it doesn't require any improvement.
CB Richard Ellis Realty Trust invests primarily in office, retail, industrial and multifamily residential properties. It owns 14 properties in Florida, including the 136,000-square-foot Fairfield Distribution Center IX in Tampa. The trust is sponsored by Los Angeles-based CB Richard Ellis Investors LLC, a subsidiary of CB Richard Ellis Group Inc., and advised by CBRE Advisors LLC.