Nashville firm enters market with portfolio purchase from IP Capital Partners
Nashville-based Priam Capital has acquired a portfolio of eight office buildings in suburban Tampa for $52 million, marking its entry into the market.
The company’s newly acquired Collection at Sabal Park, from Boca Raton-based IP Capital Partners LLC, was 86% committed at the time of the sale to tenants including Coca-Cola, Sodexo, Taylor Morrison and Permanent General, among others.
IP Capital had purchased the eight buildings and an additional asset for $48.7 million from Parkway Properties in October 2014. IP Capital retains ownership of Sabal Corporate Center, a roughly 85,000-square-foot building occupied by a lone tenant.
The acquisition adds roughly 436,000 square feet to Priam Capital’s overall two million-square-foot portfolio, located in six states, according to its website.
The company, founded in 2010 by CEO Abhishek Mathur, has to date invested in its home city of Nashville, together with Indianapolis; Memphis, Richmond, Va.; Raleigh, N.C.; and Orlando.
The company says it seeks investments in “mid-tier” areas where “demographic shifts” are taking place and where “arbitrage opportunities” exist.
“These markets are fueled by the rapid expansion of knowledge-economy industries including technology, life sciences and advanced manufacturing,” the company’s website notes.
Mathur did not respond to email messages for comment on the purchases.
Priam Capital’s holdings at Sabal Park, at Interstate 75 and Dr. Martin Luther King Jr. Boulevard, are part of a 4.8 million-square-foot, master-planned business park that also includes a handful or restaurants and a similar number of hotels and other amenities.
Cushman & Wakefield Vice Chairman Mike Davis and Executive Directors Michael Lerner and Rick Brugge represented IP Capital in the sale, and the commercial real estate brokerage’s Senior Director Mercedes Angell and Director Lauren Coup will continue leasing and managing the properties for Priam Capital.
Despite the sale, IP Capital continues to have a significant presence in the Tampa area. The firm currently owns the seven-building Center Point Business Center; the eight-story Westwood Center; and the 13-story Airport Executive Center.