Back Halstatt Increased Occupancy from 54.7% to 94.3% in Two Years
Naples, Fla. – October 29, 2019 – Halstatt Real Estate Partners, a real estate private equity firm, today announced the sale of 580 Corporate Center in Tampa. Halstatt, in partnership with Cardinal Point Management, purchased the six-building commercial office space property in March 2017 and implemented a leasing stabilization strategy that generated an additional 150,000 square feet of leasing space and increased occupancy from 54.7% to 94.3%.
“We saw a tremendous lease-up opportunity in the Tampa light industrial and garden office space market. The property was well located, had a history of being fully occupied and the Tampa market dynamics are strong,” said Katie Sproul, chief executive officer, Halstatt. “We worked with Cardinal Point Management to improve, lease and manage the building and are very pleased with the result. Halstatt, along with our operating partners, continue to look for value add and opportunistic real estate throughout the Southeast.”
Comprising six buildings, 580 Corporate Center has 376,551 square feet of office space including dock high warehouse, garden office and light industrial space. Originally purchased in March of 2017, leasing momentum was driven by regional industrial users as well as office space tenants.