(Orlando, FL) - April 29, 2008
Eola Capital, the Orlando-based real-estate investment company, has bought two office buildings totaling 171,111 square feet in Tampa's Northwest Hillsborough submarket for $19.25 million. The purchase of the two buildings, named Buschwood I and Buschwood II, completes the company's ownership of the entire Buschwood Office Park. Eola Capital bought Buschwood III in 2007. The company's total holdings are now at 10 million square feet, with Tampa holdings at more than 1.6 million square feet.
"We're extremely pleased to purchase these properties at a substantial discount to replacement cost given the current economic climate and difficult financing environment," said Jim Heistand, founder and CEO of Eola Capital. "This acquisition demonstrates that our team has the necessary relationships to quickly bring together debt and equity and successfully close transactions."
Eola Capital purchased the Tampa buildings from Alder Realty Services and financed the acquisition through a loan with Regions Bank.
The two buildings, located at 3550 and 3450 Buschwood Park Drive in Tampa, are each three stories high. The class B+ buildings are 91-percent occupied and were built in 1985 and 1987. Eola Capital plans to invest substantial capital in the buildings to further position them as submarket leaders.