RealOP Investments, based in Greenville, South Carolina, has paid $20.25 million for the Bay West office property in Tampa’s Westshore Business District. The 195,558 square foot complex is located on a 15 acre site on W. Cypress St. Trading for just under $104 per sqf, the asset is currently 95 percent leased with notable tenants including Fidelity National Title, GEICO and Beef ‘O’ Brady’s. Completed in 1985 the building recently underwent a $2 million upgrades. Cushman & Wakefield, which negotiated the sale on behalf of the seller, Equus Capital Partners, will be retained by the new owner as the exclusive leasing advisers for the property.
“Because of its strategic location in the heart of Tampa’s Westshore Business District, Bay West is well-positioned for continued high occupancy and rent growth,” said Executive Director Rick Brugge, Cushman & Wakefield Capital Markets. “The property is also strengthened by its diverse tenant roster and a general lack of competitive new construction in the Tampa Bay MSA.”
