Urban Centre I & II are two, 9-story, 1984 & 1987, vintage office buildings located in the Westshore office submarket in Tampa, FL.
Totaling 552,099 square feet, the project is currently 88% occupied. Each building consists of 30K square foot floor plates with 9-foot ceiling heights.
The two buildings are integrated with the separately owned, 352 room, Westshore Grand Hotel, all located on the corner of Kennedy Blvd. and Westshore Blvd. Attached is a covered structured parking garage with 2,073 spaces yielding a 4.00/1,000 parking ratio.
There is a limited amount of supply for class A office space in the Westshore submarket which is considered a premier office market in Tampa.
At a purchase price of $223/ SF the asset was capitalized well below replacement cost with the opportunity to achieve value add returns for stabilized product.
Value Add/Core Plus