In its first foray into the Florida market, Greenville-based RealOp Investments recently purchased Bay West, an eight-building, 195,558-square-foot Class-B suburban office park located in the 5000 block of Cypress Street in Tampa.
The properties were purchased for $21 million and closed on Dec. 28.
“We are excited to have completed the acquisition of Bay West and will immediately begin the execution of our value-add investment strategy for the properties,” says Reggie Bell, CEO of RealOp Investments. “We are rapidly expanding our footprint across the Southeast and pleased to be entering the Tampa market.”
RealOp president and managing principal Paul Sparks says the timing, location, and market dynamic all coincided to make the Bay West acquisition the right move for the private equity firm to enter the Florida market.
Located in Tampa’s Westshore submarket, one of the metro’s leading employment centers and Tampa’s most institutionally held office market, Bay West is currently anchored by Fidelity National Title Group, Trace Systems Inc., Air Culinaire Worldwide, and ARCO/Murray.
Offering easy access to Veterans Expressway, Interstate 275, and both the Howard Frankland Bridge and Courtney Campbell Causeway, the property is centrally located and easily accessible from all parts of Tampa Bay.