MIAMI, FL – HFF announced today that it has closed the sale of and arranged joint venture equity for the acquisition of Echelon Pointe, a 123,639-square-foot, Class A office building in St. Petersburg, Florida.
HFF marketed the property on behalf of the seller, an institutional investor. Cardinal Point Management, LLC purchased the asset free and clear of any debt and HFF also arranged the joint venture equity with Halstatt Real Estate Partners for the acquisition of the property.
Completed in 2007, Echelon Pointe is a five-story, Class A suburban office building with a 359-space parking garage. The property is 97 percent leased to a number of prominent tenants including Paychex, Smith and Nephew, and Regus. Echelon Pointe is situated on 5.14 acres at 970 Lake Carillon Drive immediately adjacent to a full-service Hilton hotel within the 432-acre Carillon Park office park in St. Petersburg.
The HFF investment sales team representing the seller was led by Hermen Rodriguez, Ike Ojala and Jorge Portela.
“Echelon Pointe was developed as a Class A office building, with excellent tenancy and as such received tremendous investor interest,” noted Rodriguez.
HFF’s equity placement team representing Cardinal Point Management, LLC was led by director Chris Drew. Halstatt Real Estate Partners provided the joint venture equity.
“This partnership has made strategic suburban office acquisitions during the past eight months and now controls almost half a million square feet of Class A office space in the gateway submarket of Tampa, Florida”, added Drew.
HFF’s investment sales team closed more than $4.9 billion in office building sales nationally in 2012. HFF closed more than $400 million in office transactions across all capital markets platforms in the state of Florida during 2012.
Cardinal Point Management, LLC is a Tampa Bay investment and property management firm focused on commercial real estate opportunities in the state of Florida. Cardinal Point seeks enhanced risk-adjusted returns by identifying dislocations in the capital markets and opportunistic situations in commercial and residential real estate. Cardinal Point subsequently seeks to make investments in these “value-add” opportunities where the firm’s property management platform is a key cornerstone of successful strategy execution. www.cardinalpointmanagement.com
Halstatt Real Estate Partners is a private equity fund created by the Sproul Family, a member of the Barron Collier Family based in Naples, Florida. HREP is focused on investing in residential and commercial real estate in Florida. www.halstatt.com.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 21 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit www.hfflp.com or follow HFF on Twitter at www.twitter.com/hff.