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BUYER: Hillsborough County, Tampa
SELLER: Mountain High Pinebrooke LLC (41.45% interest), Musa at Pinebrooke LLC (34.54%), Minor Pinebrooke LLC (7.37%), Ramaekers Pinebrooke LLC (6.45%), TSL Pinebrooke LLC (5.79%) and JDL Pinebrooke LLC (4.4%)
PROPERTY: 10119 and 10120 Windhorst Road and 2305 and 2217 Falkenburg Road, Tampa
PRICE: $8.7 million
PREVIOUS PRICE: $9.6 million and $3.17 million, June 2005
LAW FIRM ON DEED: Stearns Weaver Miller Weissler Alhadeff & Sitterson PA, Fort Lauderdale
PLANS, DESCRIPTION:
Hillsborough County purchased the Pinebrooke II and III office buildings in Pinebrooke Business Park for $8.7 million.
The price equated to $95 per square foot. That figure is less than the two-year average price per square foot for office space ($119) in the Tampa Bay area, according to the CoStar Group.
The two buildings have a total 91,135 square feet of office space and sit on 8.71 acres on the east side of Falkenburg Road. They were purchased primarily for the Hillsborough County Sheriff's Office to consolidate a number of operations into one location. The sheriff's office, which has already been operating several divisions from Pinebrooke I, plans to share space in the new buildings with the county's code enforcement.
The sheriff's office plans to locate its human resources, information technology and criminal investigations departments in the two buildings and create additional training facilities. Pinebrooke II and III are expected to house between 235 and 250 people.
The county has approved spending $3.2 million on renovations to the buildings, including work on the roofs, HVAC systems and interiors.
“The biggest thing for us is collapsing our rented locations and bringing everybody together,” says Chief Deputy Jose Docobo. “We hope to have the HR portion of the work done within the next three to four months, and then, by the end of year, to have all the other areas built out and renovated.”
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