Tampa building sold for $7.8M — $10M less than 8 years ago

Farley White, a Boston real estate investment firm, has bought a Tampa office building near the University of South Florida.

The 133,201-square-foot property is at 8875 Hidden River Parkway near Interstate 75 and about 2 miles from the campus.

CBRE, which announced the sale and has been hired to handle the leasing, did not disclose a sale price, but Hillsborough County property records show it sold for $7.8 million.

That’s about $10 million less than the $17.75 million the previous owner, the North Carolina commercial real estate firm Dilweg, paid for the building in 2017 and nearly $9 million less than the $16.32 million the county has assessed it for.

Given the vast difference, the Business Observer compared the parcel descriptions in the deed to previous sales, and this doesn't appear to be a partial sale. It also doesn’t appear that the sale was split into multiple deeds.

A CBRE spokesperson would not confirm nor dispute the price, saying in an email that “unfortunately, we are not disclosing or providing the sales price.”

Neither Dilweg nor Farley White responded to questions about what the building sold for.

The building is in the River Corporate Park and with this purchase Farley White’s portfolio in the park grows to 688,000 square feet. And it now owns a total of 1.2 million square of space in Tampa, including the Fifth Third Center and Two Harbor Place towers in downtown.

Along with the sales announcement, CBRE says it has recently leased more than 100,000 square feet of space for Farley White in the corporate park. That includes 45,000 square feet to Specturm at 8800 Hidden River Parkway; 25,000 square feet to Tower Imaging at 8800 Grand Oak Circle; 15,000 square feet to AdventHealth University at 14055 Riveredge Drive; and a 24,000 square feet to Crown Holdings at 14025 Riveredge Drive.