International Plaza’s Corporate Center Sold In Massive Portfolio Sale

cc1According to an unnamed real estate source, the corporate properties located at Corporate Center One in International Plaza, were said to be part of a portfolio sale.

The portfolio of corporate properties is being marketed for sale. Further, the source revealed that the marketing of the portfolio is being carried out by HFF LP, a Pittsburgh-based capital market firm with offices throughout the United States. The source also stated that the portfolio consists of properties located in various other cities. However, those other locations are still unknown, even to the source.

It is estimated that the sale is directed towards a selected group of potential buyers. The corporate properties include: Outback Steakhouse, Carlton Fields Jorden Burt, and T. Rowe Price Group would be owned by some of these potential buyers. Therefore, one of the biggest business communities in Tampa was said to be on the verge of being transferred to another owner. However, the spokesmen for Parkway Properties Inc., a 30 percent stakeholder in Corporate Center Four, refused to make any statements in regard to the potential sale. But it is apparent that such a strong portfolio can attract high institutional investors. Moreover, the sale, if successful, can prove useful to Tampa’s office space market.

Generally, after the purchase of commercial properties, new owners increase the rent for a quick return. Following such trend, rent prices in Tampa were estimated to rise due to a higher number of tenants and less properties, with no new constructions. The sale of said properties would also raise the value of similar properties across the city. The owners of the properties have made attempts to not disclose the identity of the potential owners. However, according to CoStar Group Inc., a trust for the family of Prince Abdul Aziz bin Fahd of Saudi Arabia has been associated with the portfolio. It appears that the properties are owned by entities which are affiliates of New York-based Interventure Capital Group.