RealOp Investments Makes Second Acquisition in Tampa Market in 2019
RealOp Investments, a Greenville, South Carolina-based commercial real estate investment firm, recently acquired Grand Plaza Office Center at 14497-14499 N. Dale Mabry Highway, Tampa, Florida, for $15.1 million.
The twin two-story buildings, built in 1986, total 134,843 square feet. Located in the heart of Carrollwood, Grand Plaza has a strong position to take advantage of the surrounding area’s rising rental rates, urban-like amenity base, and surging population growth.
The office center is currently 83 percent leased. The remaining available space ranges from 894 to 11,369 square feet.
RealOp plans to invest in capital improvements across the two buildings, including cosmetic and mechanical renovations to the lobbies, common areas and exterior of the buildings to create desirable, modern spaces. These improvements will bring the buildings to Class A standards for the submarket, aligning with RealOp’s goal to provide a “best-in-class experience.”
“Initial marketing and outreach efforts will highlight our ability to provide tenants with high-end, updated spaces in a very attractive and accessible location,” said Chip Hunt, RealOp’s vice president of leasing. “We are also investing heavily in efforts to build a stronger brand and sense of place for the asset while capitalizing on good in-place fundamentals, such as the above-market parking ratio.”
This marks RealOp’s third Tampa acquisition in two years. The first was Bay West office park in late 2017 and an industrial building located at 5210 S. 16th Avenue in May.
“Tampa continues to gain prominence for its population growth, millennial migration, highly skilled workforce and affordable cost of living,” said Julian Nexsen, RealOp’s vice president of acquisitions. “We plan to continue growing our presence in Florida and throughout the Southeast with a focus on value-add acquisitions in strong growth markets, such as Tampa.”