Cardinal Point, Halstatt buy Carillon office portfolio

BUYER: Carrilon Holdings LLC, Tampa
SELLER: Realty Associates Fund VIII LP
PROPERTY: 740, 780 and 800 Carillon Parkway, St. Petersburg
PRICE: $41.5 million
PREVIOUS PRICE: $38.29 million, August 2006
LAW FIRM ON DEED: Hill Ward & Henderson PA, Tampa

PLANS, DESCRIPTION: A joint venture of Cardinal Point Management LLC and Halstatt Real Estate Partners purchased three Carillon Parkway office buildings for $41.5 million.

The price equated to $133 per square foot.

Located in the Gateway district, the office portfolio was 94% leased at the time of the sale. Tenants include Allstate, Humana, SunTrust Bank and Lincoln National Life Insurance.

The biggest building, 800 Carillon, is 163,355 square feet and was built in 1987. It has two stories. Constructed in 1991, the second-largest building, 740 Carillon, has four stories and 75,187 square feet. The third building has 74,001 square feet.

Cardinal Point Management is heading up the project, while Halstatt Real Estate Partners provided $13.5 million in equity.

Mike Davis, Rick Brugge and Michael Lerner of Cushman & Wakefield's Southeast Capital Markets Group represented the seller, TA Associates Realty.

HFF, led by Director Chris Drew, Managing Director Hermen Rodriguez, Director Luis Castillo and senior real estate analysts Jorge Portela and Jose Carrazana, helped Cardinal Point Management arrange a $28 million mortgage from Wells Fargo.

“There was a lot of interest in financing the acquisition,” Drew says. “These properties outperformed the market.”