CBRE Arranges Sale of Fully Occupied 120,500-SF Suburban Office in Tampa

CBRE has arranged the sale of Sabal Pavilion, a 120,500 sq.-ft., four-story office asset located 3620 Queen Palm Drive in Tampa, Florida. The property was sold to a Virginia-based private real estate investment company.

Dale Peterson, Joe Chick, Courtney Snell and Nick Sharpe with CBRE Capital Markets represented the seller, CTO Realty Growth, Inc., in the transaction. CTO Realty Growth, Inc. is a publicly traded REIT headquartered in Winter Park, Florida.

Sabal Pavilion sits on a 11.76-acre site at the entrance to Sabal Park, one of Tampa’s most widely recognized master-planned business parks. The building features an on-site cafeteria, fitness center and tenant courtyard with an outdoor basketball court and grilling stations.

The building has been fully occupied by Ford Motor Credit, LLC since 2000 and has served as one of four regional business centers in the United States for the financing subsidiary. Recently, Ford Motor Credit has executed a sublease agreement with Cirkul, Inc. for 91,401 sq. ft. through Ford Credit’s remaining lease term. Location, above-market parking ratio, and room for growth are key factors that enabled Cirkul to choose this property as their corporate headquarters.

“This Class A asset was well-maintained by Ford Motor Credit and the current ownership. The property’s mission-critical location and above market parking ratio drove interest from a diverse set of corporate owner/users and investors,” said CBRE Senior Vice President Dale Peterson.

About CTO Realty Growth, Inc.
CTO Realty Growth, Inc. is a publicly traded real estate investment trust that owns and operates a portfolio of high-quality, retail-based properties located primarily in higher growth markets in the United States. CTO also externally manages and owns a meaningful interest in Alpine Income Property Trust, Inc. (NYSE: PINE), a publicly traded net lease REIT. CTO’s most recent investor presentation and supplemental financial information is available on their website at www.ctoreit.com.