CBRE Facilitates Sale of Presidents Plaza II in Tampa

CBRE arranged the sale of Presidents Plaza II, a three-story office building located at 4904 Eisenhower Boulevard in Tampa’s Westshore submarket. The property was sold to a private New York-based real estate investment company.

CBRE’s Dale Peterson, Kristen McFarland Hagen, Joe Chick, and Courtney Snell partnered with Avison Young’s Clay Witherspoon to represent the seller in the transaction.

Built in 1985, the 98,105-square-foot building recently received over $650,000 in recent capital improvements including re-roofing, restroom renovations, HVAC control upgrades and the fire panel replaced. The property offers 399 parking spaces, which accounts for a parking ratio of 4.1 spaces per 1,000 rentable square feet.

At the time of sale, the property was fully leased. Major tenants include Guided Insurance Solutions, Identity Intelligence Group, and Walker Parking Consultants/Engineers.

“The property’s exceptional position within our best submarket combined with an opportunistic profile, drew strong interest from a large number of investors,” said Mr. Peterson, a Senior Vice President with CBRE Capital Markets. “The Westshore submarket continues to see robust office leasing activity and strong rent growth which continues to fuel investor demand.”