Tampa Office Asset Commands $40M

Bridgeport Center. Image courtesy of NAI/Merin Hunter Codman

MHCommercial Real Estate Fund II, in a joint venture with Siguler Guff, has purchased Bridgeport Center, a Class A 180,247-square-foot office property in Tampa, Fla., for $40 million, or $222 per square foot. M & T Bank provided acquisition financing.

Cushman & Wakefield worked on behalf of the seller, FDG Bridgeport LLC, an entity connected to America’s Capital Partners, according to CommercialEdge. The property previously traded in 2013, for $25 million.

Bridgeport Center marks the third property acquisition for MHCommercial Real Estate Fund II, bringing its total holdings to $120 million. The fund’s goal for the next 12 to 18 months is to purchase $200 to $300 million worth of real estate assets across the Southeastern U.S.

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MHCommercial Real Estate Fund II’s team of Director of Acquisitions Corey Winsett and COO Matthew Brown managed the acquisition on behalf of the partnership, with the assistance of Shutts & Bowen Partners Elizabeth Jones and John Strickroot. Cushman & Wakefield Executive Vice Chairman Mike Davis, Vice Chairman Rick Brugge, Executive Managing Director Dominic Montazemi and Director Rick Colon negotiated on behalf of the seller.

A Westshore office property

Completed in 1980 and renovated in 2011, Bridgeport Center is a nine-story office building that features four passenger elevators, 19,806-square-foot floorplates, ground floor retail space and 732 parking spots, CommercialEdge data shows. Anchored by Delta Air Lines, the property’s tenant roster includes AFS Technologies, Harvard Jolly Architecture and Troy University, among others.

The new ownership has planned significant improvements for Bridgeport Center in order to enhance the tenants’ workplace experience, MHCommercial Real Estate Fund II Principals Jordan Paul and Neil Merin said in prepared remarks. NAI/Merin Hunter Codman will serve as property manager while CBRE Senior Vice President Barry Hanerfeld will be the exclusive leasing agent.

Located at 5201 W. Kennedy Blvd. within Tampa’s Westshore submarket, the 4-acre property is close to Interstate 275 and WestShore Plaza, 2.5 miles from Tampa International Airport, 5.5 miles from downtown Tampa and within 19 miles of downtown St. Petersburg, Fla.

Earlier in 2023, another partnership purchased an office asset in Tampa: Torose Equities and Merrimac Ventures paid $31 million for the 350,000-square-foot office building, marking Torose’s first purchase since its launch in late 2022.