Deal Size
$40.0M
Cap Rate
Est. 7.25%
$/SF
$154
Size
260K SF
Occupancy
—
The acquisition of 1 North Dale Mabry by Enverra Real Estate Partners and a New York City-based family office at a 7.25% cap rate presents a compelling investment opportunity in the Tampa/Westshore office market. The property was acquired at a significant discount to its previous sale price, indicating potential for value appreciation. The planned $4 million investment in property enhancements further supports a value-add strategy. However, the lack of disclosed occupancy and WALT data introduces some uncertainty, warranting a 'Buy' rather than 'Strong Buy' recommendation.
Enverra Real Estate Partners appears to be pursuing a value-add strategy, as evidenced by the planned $4 million investment in property enhancements. This acquisition aligns with their focus on repositioning assets to unlock value.
Bridge Investment's decision to sell the property in a short-sale for $40 million, down from $56.5 million, suggests a need to offload the asset potentially due to financial distress or portfolio rebalancing.
This transaction indicates investor confidence in the Tampa office market, particularly in the Westshore submarket. The significant price reduction from the previous sale highlights potential for value recovery, while the buyer profile suggests institutional interest in value-add opportunities.
Enverra Real Estate Partners
New York City-based family office
Tampa has experienced robust population growth driven by favorable migration patterns and a strong local economy. The region benefits from a growing population and increasing median incomes, which support demand for office space.
The Westshore submarket is a well-established office hub with several comparable properties. The presence of major tenants like Travelers Insurance and Marsh & McLennan Agency indicates strong demand for office space in this area.
Specific data on new developments in the Westshore submarket is not available in the source content. However, the planned $4 million investment in property upgrades suggests an intention to remain competitive within the existing market.
The 7.25% cap rate for this transaction is attractive compared to typical office cap rates in primary markets, suggesting a favorable risk-adjusted return. The discount from the previous sale price of $56.5 million to $40 million further enhances the investment's appeal.
The planned $4 million investment in amenities such as a coffee bar, outdoor terrace, and upgraded fitness center and conference facilities presents a clear value-add opportunity. These enhancements are likely to attract new tenants and justify higher rents.
The property hosts a diversified tenant mix, including major firms like Travelers Insurance and Marsh & McLennan Agency, reducing single-tenant risk and enhancing income stability.
“One tenant could be doing $3,000 a square foot, versus another tenant could only be doing $100 a square foot.”
“We spend some time differentiating ourselves from that side of the private credit world.”
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