Tampa office building near airport sells at loss

A real estate investment company has bought a four-story Tampa office building for $2.57 million less than what the previous owner paid for it in 2010. 

The building, leased by J.P. Morgan Chase, is the 176,150-square-foot Fountain Square III at 4900 Memorial Highway, just off the Veterans Expressway near Tampa International Airport. 

The buyer, according to Hillsborough County property records, paid $25.18 million. It was previously owned by Net Lease Office Properties, which bought it in 2010 for $27.75 million. 

The buyer, according to county property records and the deed, is named Reva Fountain Square 3 DST. County records list a Daniel Island, South Carolina, address for it and the state’s Division of Corporation’s database lists a Richmond, Virginia address.

(CBRE Group, which represented the seller, says in an announcement that the buyer was a Virginia firm named Re Gain Investment Fund. The firm did not respond to questions about the discrepancy.) 

Fountain Square III was built in 1999 by The Wilson Co. CBRE’s Dale Peterson, Joe Chick, Courtney Shell and Will Pike represented Net Lease Office Properties.