Argosy Real Estate Partners Acquires First Park at Brandon
We are pleased to announce that Argosy Real Estate Partners has closed on the acquisition of First Park at Brandon, two adjacent single-story, 2001-vintage showroom office / flex buildings totaling 134,082 sf located on a 13.5-acre site in Tampa, FL. The investment closed after a nine-month loan assumption process, during which time significant value was added by enhancing the property’s occupancy from 89% to 94% and increasing its weighted average lease term from four years to six years. The property is located within the I-75 East Tampa submarket, the second largest suburban office submarket within the Tampa MSA, and the top submarket for office space absorption over the past five years, according to CoStar. The investment offers strong cash-on-cash returns with a diversified rent roll and limited ongoing capital expense requirements.
The investment was made alongside Priam Office Properties, an experienced commercial owner / operator that currently owns 15 multi-tenant office buildings containing over two million sf across seven markets in the Midwest and Southeast. Priam is Argosy’s existing operating partner on the 565 Metro investment also in ARIG I. Priam was selected as the buyer given its experience with CMBS loan assumptions and knowledge of the submarket.
The transaction includes the assumption of an existing, low-leverage CMBS loan that was originated in 2018 and expires in 2028.