Highland Oaks office park buildings sold to Prudential RE for $111m

Prudential Real Estate Investors has purchased five buildings in the Highland Oaks office park in Tampa for $111 million. The 5-building complex is located off of Interstate 75, one exit south of the Interstate 4 interchange. In all, the buildings offer 575,852 sq ft of leasable office space and traded for $193 per square foot. The property is currently 96 percent leased with tenants like Cognizant, McDonald’s, Mosaic, ConAgra, The J.M. Smucker Co. and John Deere. CBRE, which represented the seller and has been leasing the building since 2012, will continue to be the exclusive leasing agent for the five buildings.

“Highland Oaks is one of the highest quality office parks in Tampa, boasting seven Fortune 500 tenants and the highest overall occupancy rates in the suburban market,” said CBRE Vice Chairman Christian Lee. “The buyer has acquired an institutional-quality asset located in a supply-constrained market at well below replacement cost.”