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Old March 9th, 2015, 04:51 PM   #1
FloridaFuture
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Tampa Bay Real Estate Transactions

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Old March 9th, 2015, 05:24 PM   #2
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God damn. Where can I get me some financing? I would love to pocket millions, just by building some perfunctory garden style apartments.


The only part that matters...
Quote:
At more than $175,000 per apartment, the sales price is above replacement cost, or what it would cost to build the property. When commercial properties sell above replacement cost, it signals a strong market and could prompt more activity — seeing that kind of profit is what entices other investors and developers.
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Old March 9th, 2015, 06:58 PM   #3
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Specifically what kind of transactions? Office buildings, office complexes, apartments, shopping centers, malls?

Here's one recently about the beer can for sale (again)

http://www.bizjournals.com/tampabay/...-for-sale.html
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Old March 9th, 2015, 07:01 PM   #4
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^Any of that that seems relevant to the urban markets.
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Old March 9th, 2015, 10:52 PM   #5
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Good job! It makes sense to have one thread for things like this.
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Old April 6th, 2015, 07:32 PM   #6
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Quote:
Al Austin's Westshore office buildings sold
Apr 6, 2015, 1:15pm EDT UPDATED: Apr 6, 2015, 1:22pm EDT

Ashley Gurbal Kritzer
Reporter-
Tampa Bay Business Journal

Redstone Investments has closed on the Austin Center in Tampa's Westshore district.

The Austin Center is five office buildings on North West Shore Boulevard totaling 300,000 square feet. They were developed in phases, beginning in the late 1960s, by Tampa civic leader and Republican fundraiser Al Austin, who died in May 2014.

Redstone, which has offices in Tampa and Youngstown, Ohio, did not disclose a purchase price. A deed for the transaction has not yet been filed in Hillsborough County.
more here

http://www.bizjournals.com/tampabay/...ings-sold.html
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Old April 8th, 2015, 07:09 PM   #7
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Inside the deal: The 40-year relationship that led to the sale of Al Austin's Westshore office buildings
Apr 8, 2015, 7:16am EDT UPDATED: Apr 8, 2015, 7:22am EDT

Ashley Gurbal Kritzer
Reporter-
Tampa Bay Business Journal

For Rhonda Hogan, the sale of the Austin Center was a very personal deal.

Hogan was a leasing broker for Lincoln Property Co. in the 1970s — competing for tenants in Westshore against the Austin Center and its pioneering landlord, the late Al Austin, for tenants. The Austin Center, developed in phases beginning in the late 1960s, is five buildings that total 300,000 square feet on 10 acres in the heart of Tampa's Westshore business district.

Redstone Investments, which has offices in Tampa and Youngstown, Ohio, closed on the property this week for an undisclosed amount.
http://www.bizjournals.com/tampabay/...-that-led.html
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Old April 9th, 2015, 06:03 AM   #8
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It will be interesting what happens, as the oldest buildings have become outdated.
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Old April 9th, 2015, 09:29 AM   #9
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They'll redevelop the whole thing over time. It's been looked at before.
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Old April 21st, 2015, 05:08 PM   #10
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Quote:
Westin Harbour Island to be sold to buyer planning renovations
Apr 21, 2015, 10:39am EDT UPDATED: Apr 21, 2015, 10:42am EDT

Ashley Gurbal Kritzer
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The sale of the Westin Harbour Island is pending.

Dan Peek, senior managing director of HFF's hospitality practice group, said Wednesday that the property is under contract to a "long-term holder," though he declined to disclose the buyer.

HFF is representing the seller, Blackstone Group, in the deal.
more here

http://www.bizjournals.com/tampabay/...-planning.html
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Old May 1st, 2015, 03:57 PM   #11
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Anyone with a TBBJ full subscription that can see if there's anything new in this article?

http://www.bizjournals.com/tampabay/...velopment.html
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Old May 1st, 2015, 06:19 PM   #12
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So far as I know, we've got everything covered that can be made public.
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Old May 4th, 2015, 08:43 PM   #13
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Sun Trust building is on the market...

http://www.bizjournals.com/tampabay/...he-market.html
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Old May 5th, 2015, 02:17 AM   #14
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These articles about buildings being sold, high rents & high occupancy rates are meaningless. You read them thinking it's time for another modern new age tower, or better yet, a mixed use tower but nothing happens.
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Old May 5th, 2015, 06:10 PM   #15
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As many have mentioned, you need to surpass replacement cost of these towers to make building a new one a solid investment, perhaps the price will be higher than some of the recent towers. Rivergate is back on the market, have to wait and see what they fetch in price.
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Old May 13th, 2015, 12:10 AM   #16
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Lots of properties going on the market lately...

http://www.bizjournals.com/tampabay/...he-market.html
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Old May 13th, 2015, 01:50 AM   #17
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^It's inevitable. Property owners have been stuck sitting on stuff for years, trying not to lose their asses selling it when it was undervalued.


I only consider it notable when it sells for above build cost, or so low it's an obvious redevelopment play.
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Old May 14th, 2015, 06:36 PM   #18
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Quote:
Downtown St. Pete apartments sold for $57.5 million
May 14, 2015, 10:47am EDT UPDATED: May 14, 2015, 10:49am EDT

Ashley Gurbal Kritzer
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Tampa Bay Business Journal
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Fusion 1560, a five-story apartment complex on the fringe of downtown St. Petersburg, has been sold to a group of Chicago investors.

Mesirow Financial Real Estate Value Fund paid $57.5 million for the complex at 1560 Central Ave. in a deal that closed May 7, according to a Pinellas County deed filed Wednesday.

JLL represented the seller, Des Moines-based Principal Real Estate Investors, in the transaction.
more here

http://www.bizjournals.com/tampabay/...5-million.html
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Old May 14th, 2015, 09:20 PM   #19
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the houses here are great
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Old May 20th, 2015, 12:29 AM   #20
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Things keep moving, but at these kind of asking prices for lease rates, I'm not sure if we're going to see new office towers go up any time soon except for whatever Vinik builds.


Fifth Third Center kicks off million-dollar facelift to keep up with neighboring towers in downtown Tampa

May 19, 2015, 2:48pm EDT
Ashley Gurbal Kritzer
Tampa Bay Business Journal



Quote:
Downtown Tampa's Fifth Third Center is the latest office tower to undergo a seven-figure renovation.

A $1.5 million dollar renovation to the tower is under way that will create a new 4,000-square-foot lounge and a 1,500-square-foot common conference area, CBRE Group Inc. said Tuesday.

Atlanta-based Fairlead Commercial Real Estate paid $47 million for the tower in July 2014. It's common in commercial real estate for new owners to invest in a property — it's often necessary to raise the rents to meet the returns the new owner projected.

In downtown Tampa, competition for office tenants is heating up, as more companies consider moving to the urban core to attract a millennial workforce. A number of towers have recently been renovated, including the Wells Fargo Center and Rivergate Tower.
A key snippet...

Quote:
Ayers is the listing agent on the 281,187-square-foot, 19-story tower, which is 87 percent occupied. Asking rents are $24.50 to $26.50 per square foot.

CBRE is projecting 5 percent growth in office rents each year over the next three years, Ayers said.

Last edited by Jasonhouse; May 20th, 2015 at 12:35 AM.
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