Joint Venture Acquires Fountain Square II Office Building in Tampa, FL
TAMPA, Fla.–(BUSINESS WIRE)– A joint venture consisting of affiliates of TriGate Capital, Feldman Equities and Tower Realty Partners has acquired the 134,065 square-foot Fountain Square II office building in Tampa, FL. Tower Realty Partners will manage and lease the building.
Fountain Square II is a Class A office building located in the prestigious Fountain Square Office Park in Tampa’s Westshore office market. The property has nearly immediate access to Veterans Expressway and is located one mile from the Tampa airport. Fountain Square I and III are both entirely leased to JPMorgan Chase under a 15-year lease. The office park is a true campus with a central lake and extensive landscaping. The property features an on-site fitness center, restaurant and a parking garage that provides 100% shaded parking with a capacity of four cars per thousand square feet. Fountain Square II is a modern, architecturally distinctive, crescent shaped building with reflective glass. It is presently 70% leased.
In October of 2010, the joint venture acquired a mortgage note that was secured by the property. The note was subject to a bankruptcy proceeding that was filed by the prior owner. Recently, the venture obtained title to Fountain Square through a confirmed bankruptcy plan. The joint venture is very well capitalized and presently has no debt. Ownership plans to make use of its strong capital position by offering generous construction allowances and brokerage commissions to prospective tenants.
Funding from TriGate Capital was arranged by ARG Capital Partners ( www.argcp.com ). TriGate Capital is a market leading real estate private equity firm focused on quickly and efficiently matching an appropriate capital solution for real estate projects. TriGate manages a fully discretionary real estate fund, TriGate Property Partners, on behalf of institutional investors. TriGate invests in real estate operating companies, value added real estate assets and financial restructuring opportunities emanating from changes in the real estate capital markets. TriGate also manages a partnership with the California State Teachers Retirement System which invests in larger transactions as a co-investor with the Fund. TriGate is majority owned and controlled by Jay Henry, Jon Pettee and Jeff Yarckin. Each has over 20 years of experience, including leadership positions at premier investment funds and operating companies, and collectively they have been responsible for over $10 billion of real estate investments.
Tower Realty Partners is an Orlando-based commercial real estate owner focusing on value-added opportunities throughout the state of Florida. Tower was formed in 1987 by Cliff Stein and Reid Berman. Since its inception, Tower has acquired over $1 billion in office properties. Currently, Tower’s assets consist of over 3.5 million square feet of office property throughout Florida.
In the last 25 years, Feldman Equities has developed or acquired over 11 million square feet of office and retail properties with an aggregate value in excess of $2.5 billion. Larry Feldman gained a national reputation as an office building turnaround specialist when he was the Chairman and CEO of the publicly traded Tower Realty Trust, Inc (NYSE: TOW). Feldman Equities is recognized for its hands-on approach to turning around distressed assets.
Larry Feldman, 727-822-3395 or 516-509-6775
Source: Business Wire