Skip to main content
Tampa Bay Area
Business Observer Friday, Dec. 30, 2005 16 years ago

Real Estate Briefs (Tampa)

Wells Real Estate buys Tampa CommonsNonprofit organization buys Largo apartment complexSouth Carolina business Buys Pinellas Park property
by: Adam Hughes Staff Writer

Real Estate Briefs (Tampa)

Wells Real Estate buys Tampa Commons

BUYER: Wells Real Estate Investment Trust II Inc., Atlanta

SELLER: American Fund OIK, a German investment group

PROPERTY: 1 N. Dale Mabry Highway, Tampa

PRICE: More than $45 million

PREVIOUS PRICE: $40.2 million, June 2003

PLANS, DESCRIPTION: Wells Real Estate Investment Trust II Inc. completed the Dec. 28 purchase of Tampa Commons, a 13-story, Class-A office building at 1 N. Dale Mabry Highway, Tampa, from American Fund OIK.

The 255,000-square-foot building, built in 1984, is 99% leased. Its biggest tenant, Time Customer Service, occupies 48% of the building.

David Steinwedell, chief investment officer for Wells, says in a statement: "This transaction provides Wells REIT II with a Class-A building in a desirable location in the Tampa metropolitan area at a price near replacement cost."

Wells REIT II has 44 buildings, including Tampa Commons, in its 16-state portfolio that cost about $2.4 billion.

Nonprofit organization buys

Largo apartment complex

BUYER: AHF Bay Fund Inc.

SELLER: Reliance Brittany Bay LLC

PROPERTY: 1201 Seminole Boulevard, Largo

PRICE: $29,770,000

PREVIOUS PRICE: $22 million, December 2000

LAW FIRMS ON DEED: Willis Ritter, Washington, D.C.; and Stuart K. Hoffman, Miami.

PLANS, DESCRIPTION: Grapevine, Texas-based AHF Bay Fund Inc. paid $29.7 million on Nov. 21 for the Brittany Bay Apartments in Largo. The nonprofit organization bought the complex and four others from Fort Lauderdale-based Reliance Housing Foundation Inc., a nonprofit group whose mission is to provide "fit, safe and affordable housing for low and moderate income people," according to its Web site.

Brittany Bay, a 568-unit complex built in 1972 has undergone a $1.8 million capital improvement program to update the interiors of the apartments. The complex is a mixed income community that meets the requirements of IRS Safe Harbor regulations for 501(c)(3) bond financed properties.

South Carolina business

Buys Pinellas Park property

BUYER: Palmetto Hospitality of Pinellas Park LLC

SELLER: P.B. Realty Inc.

PROPERTY: Pinellas Groves, Pinellas Park

PRICE: $12.9 million

PREVIOUS PRICE: $1 million, 1989

LAW FIRM ON DEED: Richard A. Stoffels, St. Petersburg

PLANS, DESCRIPTION: Palmetto Hospitality of Pinellas Park, a Spartanburg, S.C., company paid $12.9 million on Nov. 18 for the Pinellas Groves in Pinellas Park. The company obtained a $5.3 million loan from Bank of America for the property.

Related Stories