BUYER: Lincoln Gardens Partners LLC (principal: Joseph Kennedy), Tampa
SELLER: 2901 & 3000 West Busch Boulevard Holdings LLC
PROPERTY: 2901 W. Busch Blvd., Tampa
PRICE: $2 million
PREVIOUS PRICE: $3.75 million, October 1997
LAW FIRM ON DEED: Quilling, Selander, Lownds, Winslett & Moser PC, Dallas
PLANS, DESCRIPTION: Tampa-based Kennedy Investments Inc. purchased the 10-building, 74,000-square-foot Lincoln Gardens office park for $2 million.
The price equated to $27 per square foot. That figure is less than the two-year average price per square foot for office space ($115) in the Tampa Bay area, according to the CoStar Group.
The 6.84-acre development, located north of Busch Boulevard and east of Twin Lakes Boulevard, was 50% occupied at the time of the sale. Kennedy Investments owns the adjacent Orange Grove Commerce Park, which was originally a second phase of the same development as Lincoln Gardens. Tenant spaces in Lincoln Gardens range in size from 300 to 8,000 square feet.
The seller, an affiliate of CWCapital Asset Management LLC, took ownership of the property in August through a foreclosure.
“We are planning lots of improvements to the property over the next 12 months,” says Jay Kennedy, president of Kennedy Investments. “We actually tried to buy it several years ago when the bank took it back. The problems it faces are not atypical for foreclosure properties. We plan to put over $2.5 million into the property in addition to the purchase price.”
The improvements will focus on addressing the deferred maintenance, replacing the roofs, general landscape improvements and redoing the tenant spaces.