Today CB Richard Ellis announced the sale of the last vacant site on the Hillsborough River. The parcel, once to be the site of Trump Tower Tampa, a 52-story luxury condominium tower, was the topic of great controversy when development plans fell through during the height of the real estate recession.
In 2004, the site was purchased for $16 million. On Monday, BB&T sold the site for $5 million to a private capital partnership, Brownstone Tampa Partners. The transaction also included the neighboring CapTrust Building, a six-story Class B office building with 15,845 rentable square feet. At the time of closing, CapTrust was over 60% leased.
"The cash flow generated by the CapTrust building supported the land, enabling to hold on to land for future development," said Jarib Rodriguez, a sales professional with CB Richard Ellis (CBRE) in Tampa. "The previous owners were hit with an exponential rise in development costs when a geotechnical study of the land revealed requirements for expensive structural procedures," continued Rodriguez. "The new ownership has complete understanding site's development capacities."
BB&T engaged CBRE to market the property for sale. Joining Rodriguez in the sale transaction was Rick Klepal with Grubb & Ellis.