Roseview-PMRG Fund I has purchased the Westshore Center office building in Tampa for $40 million. Located at 1715 N. Westshore Blvd. the nine-story, 216,410-square-foot office building sits on a 2.66-acre site and was built in 1984. Also included in the sale is a five story parking garage. The seller, an affiliate of Boston-based real estate firm TA Realty, bought the building in 1998. The asset was eighty eight percent leased at the time of closing and traded for $185 per square foot. The sale was completed with a $33.1 million mortgage provided by Compass Bank. The fund was formed by Houston-based PM Realty Group together with Boston-based firm The Roseview Group,
āThe influx of capital and development of both residential and retail in the Westshore district was a huge factor for us in choosing to acquire this trophy asset,ā said Steve Corridan, partner of The Roseview Group.
