St. Petersburg-based investor Cardinal Point Management has purchased the Riverside at Telecom Park, a 167,744 sqf Class A office building in suburban Tampa. The $27.4 million sale is located on 16 acres at 12470 Telecom Drive. The building features a five-story atrium and center core design floor plates of around 35,000 sqf. The building’s previous owner recently carried out more than 2 million in capital improvements. Cushman & Wakefield’s capital markets team of Senior Managing Director Paul Carr and Vice President Rick Colon represented the seller, Philadelphia-based Equus Capital Partners in the sale.
“Riverside at Telecom Park offered investors the opportunity to acquire a fully-leased, Class A office asset in a desirable mixed-use business park,” said Paul Carr, Cushman & Wakefield. “The acquisition also presented an upside and value-add component with below-market rents in place and a well-balanced lease rollover schedule.”
