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Developer sells Tampa portfolio slice for $66M

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  • | 3:56 p.m. July 15, 2015
  • Tampa Bay-Lakeland
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TAMPA -- Parkway Properties has let go nearly a quarter of its total commercial real estate holdings in Tampa's Westshore District, selling four office buildings and a parking lot to a New York investment company for $66.1 million.

The combined properties along Cypress Center Drive and North Westshore Boulevard total 456,000 square feet. Not including a 6-acre parking lot on North Hoover Boulevard, the deal represents $138 per square foot.

Companies affiliated with investment firm Angelo Gordon & Co. on New York's Park Avenue closed the sale on those parcels July 7, according to deeds filed in Hillsborough County. Properties include Cypress Center I at 5404 Cypress Center Drive, Cypress Center II at 5310 Cypress Center Drive and Cypress Center III at 5405 Cypress Center Drive.

Orlando-based Parkway purchased the three buildings in May 2011 for $21.1 million, or $74 per square foot.

Also included in the acquisition package was the 170,000-square-foot Westshore Corporate Center at 600 Westshore Blvd., recognizable to travelers on Interstate 275 for its Amscot Financial sign that tops it. Angelo Gordon purchased that building for $28.2 million, or $166 per square foot -- a 49% premium over the $18.9 million purchase price Parkway paid in November 2012.

Angelo Gordon topped the purchases with a parking lot at 402 N. Hoover Blvd. for $3 million — slightly more than the $2.9 million Parkway bought it for August 2013.

Angelo Gordon maintains offices in major cities worldwide, according to its website, including Los Angeles, London, Hong Kong, Seoul and Tokyo. Since entering commercial real estate in 1993, it has acquired more than $13 billion in properties, and currently manages about $27 billion.

Parkway may have parted with nearly a half-million square feet of prime office space, but it's hardly out of the Tampa market. At the beginning of the year, Parkway owned or partnered in more than 17.2 million square feet in 11 markets. That includes 1.5 million square feet it owns in Corporate Center I, Corporate Center II, Corporate Center III and Corporate Center IV -- the massive office complex built between 1999 and 2008 in front of Tampa's International Plaza. Parkway bought those buildings last year for $238 million.



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