Boston-based Farley White Interests, fresh from its $73 million acquisition of the Hidden River I, II and III complex in Tampa's Westshore district last month, hopes to assemble a portfolio of Florida properties.
John Power, a Farley White principal, says the investment company “hopes to grow its office portfolio in West and Southwest Florida to more than 1 million square feet over the next few years.”
With the trio of Hidden River buildings, which total 420,641 square feet, and the 76,500-square-foot Collier Health Park, in Naples — acquired in February for $15.75 million — it appears to be well on its way.
Power describes Farley White, which had limited its acquisitions to Massachusetts, New Hampshire and Connecticut prior to the pair of Florida deals, as “long-term investors” that are looking to “increase our footprint in Florida.”
In all, the company owns roughly 3 million square feet in roughly two dozen properties, according to its website.
Farley White has retained CBRE Inc. to lease the roughly 50,000 square feet of space available in the Hidden River buildings, which are part of a larger, 500-acre corporate park.
“They're looking at assets in Sarasota, in Tampa, all along the west coast of Florida,” says Anne-Marie Ayers, who together with Roxanne Kemph will market the Hidden River properties.
The pair of a CBRE first vice presidents also will be scoping out additional assets for Farley White to consider buying.
Hidden River scored big last year when conglomerate Johnson & Johnson selected the property to be the headquarters for its shared services center for employees.
Johnson & Johnson is preparing now to move into the 111,000 square feet it leased there, Ayers said.
Hidden River's other notable tenants include Citicorp, which is occupying 75,000 square feet; investment firm TIAA-CREF; and Lowe's, among others.
The three-building complex, on 27 acres, was developed beginning in 1997 by Crescent Resources.
Collier Health Park, by contrast, contains a multitenant medical office building, a surgery center and a retail plaza. It is adjacent to NCH North Naples, a 261-bed acute care hospital.