JLL closes $29.4M sale and $20.4M financing of Fountain Square II
JLL brokers the $29.4 million sale and arranges the $20.4 million acquisition loan for Fountain Square II in Tampa, Florida
MIAMI, Fl, August 1, 2019 – JLL announces that it has closed the $29.4 million sale and $20.4 million financing of Fountain Square II, a Class A office building totaling 133,887 square feet in the Westshore Office submarket of Tampa, Florida.
JLL represented the seller, Equus Capital Partners, Ltd., and procured the buyer, a joint venture of Owens Realty Capital and Galium Capital, for the acquisition of the property. Working on behalf of the partnership, JLL also arranged a seven-year, fixed-rate acquisition loan through TD Bank.
Fountain Square II is located at 4925 Independence Parkway adjacent to Veteran’s Expressway in the amenity rich Westshore Office submarket of Tampa. The property is proximate to Tampa’s northwestern residential cities, including Town N’ Country, Citrus Park, Carrolwood and Northdale, and is within 15 to 30 minutes of both Tampa and St. Petersburg’s central business districts and only five minutes from Tampa International Airport. Recently renovated in 2018, the four-story office asset features a fitness center, management office and a café with outdoor seating area. Tenants at the 93.1%-leased building include CarePlus, ConnectWise and the U.S Government.
The JLL Capital Markets team representing the seller was led by Senior Director Ike Ojala and Senior Managing Director Hermen Rodriguez.
“Fountain Square II attracted broad investor interest thanks to its sought-after Westshore location, high-quality tenancy and complete onsite amenity package that includes structured parking, café and fitness center,” Ojala said.
JLL’s Capital Markets team representing the borrower included Managing Director Rebecca VanReken.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Deal secured by Holliday GP Corp. (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 91,000 as of March 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Equus Capital Partners, Ltd.
Equus Capital Partners is one of the nation’s leading private equity real estate fund managers. Equus’ diversified portfolio consists of office, multi-family, industrial, and retail properties located throughout the United States. The firm is headquartered in the Philadelphia area with regional offices in Chicago, Los Angeles, Washington D.C., Atlanta, and Raleigh-Durham. For additional information, please visit the company’s website at equuspartners.com.
About Owens Realty Capital
Owens Reality Capital is a boutique investment management firm based in Orlando, Florida that owns, develops and operates commercial properties throughout the east coast of the US alongside its operating partner, Owens Realty Services. Owens Realty Services provides commercial real estate services for more than 40 million square feet of commercial real estate with a value of more than $8 billion in real estate net worth. Services include investment property management, public sector facility management, facility maintenance, commercial sales and leasing brokerage, arena maintenance management as well as janitorial maintenance services. The company employs more than 1,000 real estate industry professionals throughout the United States.
About Galium Capital
Galium Capital is a real estate investment and development company based in Miami, Florida with $300 million in assets under management. Led by Jacques Bessoudo and Iser Rabinovitz, Galium is an active value-add investor in the residential and commercial sectors. Learn more at galiumcapital.com.