Lingerfelt Commonwealth Sells Class A Office Building in Tampa, Florida
Press Release | Jul 14, 2020
Tampa, FL (July 6, 2020) – Lingerfelt CommonWealth Partners, LLC (LCP), a Richmond, Virginia-based commercial real estate investment firm, today announced the sale of Buschwood III to Continental Capital Partners, a real estate investment company based in Virginia Beach, Virginia, for $10.35 million.
Buschwood III, a two-story, 78,000 square-foot, Class A office building in Tampa, Florida, was 92% leased to a variety tenants including CoAdvantage, BluePearl Veterinary Services, and the GSA as of disposition. Buschwood III was 86% leased when LCP purchased the property in February 2018 for $8.9 million. The property is located in Tampa’s Northwest submarket with great access to workforce and executive housing, the Westshore district, and the Tampa International Airport.
Commonwealth Commercial Partners (CCP), an affiliated commercial real estate operating firm of LCP (also based in Richmond, VA), has served as the asset and property manager for Buschwood III since the time of LCP’s acquisition, and has been retained for management services for Continental Capital. CCP currently manages a portfolio of properties for Continental Capital totaling approximately 360,000 square feet in Florida alone, and 2.5 million SF nationally.
“We are thrilled to continue our relationship with Continental Capital and this asset in Tampa,” said Scott Holman, Florida Managing Director at Commonwealth Commercial. “We have had the opportunity to work with the last two ownership groups at this project and we look forward to continuing to provide excellent service to the tenants under Continental Capital’s ownership, as well as creating additional value for our client’s new asset.”
More on the company can be found on the web at www.LingerfeltCommonWealth.com.
ABOUT LINGERFELT COMMONWEALTH PARTNERS
Lingerfelt CommonWealth Partners, headquartered in Richmond, VA, is a vertically integrated, full service real estate investment management firm with additional offices Hampton Roads VA, Nashville TN, Jacksonville FL, Tampa FL, Charlotte NC, Raleigh/Durham NC, Greenville SC, Charleston SC, Houston TX, Kansas City MO, St. Louis MO, Columbus OH, and Minneapolis MN. Together with its predecessors in the private sector and public REIT sector, its partners have built, acquired and managed nearly 20 million square feet of commercial real estate valued at approximately $2 billion across the Mid-Atlantic and Southeast. Learn more at www.lingerfeltcommonwealth.com.
ABOUT COMMONWEALTH COMMERCIAL PARTNERS, LLC
Founded in 1996, Commonwealth Commercial is a leading full-service commercial real estate firm headquartered in Richmond, VA, with offices Hampton Roads VA, Nashville TN, Jacksonville FL, Tampa FL, Charlotte NC, Raleigh/Durham NC, Greenville SC, Charleston SC, Houston TX, Kansas City MO, St. Louis MO, Columbus OH, and Minneapolis MN. The company provides demonstrated expertise in the areas of leasing, purchasing, selling, developing, consulting, property management and asset management services. To learn more, visit www.commonwealthcommercial.com.