TAMPA, FLA. — Eola Capital is continuing to take advantage of a buyer's market in commercial real estate with its latest acquisition: International Plaza Four in Tampa. The 247,000-square-foot office building is located at 4301 W. Boy Scout Blvd. in the city's Westshore submarket. It is a Class A building and is also LEED-certified by the U.S. Green Building Council.
Eola Capital sponsored the joint venture IP4 Owner LLC, the recorded buyer in the transaction. IP4 Owner consists of multiple real estate investors, including Richard Corbett and Jim Heistand. The seller was Crescent Resources and the recorded sale price was $25 million. As part of the transaction, Eola will also take over asset manager duties for the property.
This most recent acquisition marks a busy year for Eola. In February, the company acquired another Class A office building in Tampa. The 130,000-square-foot property is located at 500 N. Westshore Blvd.
“We want to try to do the smart thing right now: buy an asset that is, long term, going to be a good hold and provide some benefits and synergies with our portfolio,” says Kyle Burd, principal and regional vice president with Eola Capital. “This building certainly does that, as did the 500 Westshore acquisition we did earlier this year. These two assets have helped us gain a foothold quite nicely in the Class A market.”
— Coleman Wood