Florida-based Balogh Company has acquired its second office building in Westshore.
Franklin Street has arranged the sale of One President’s Plaza, a 96,376-square-foot, multi-tenant Class B office building in Tampa, Florida, for $14.25 million, equating to $148.86 per square foot.
Franklin Street’s Office & Industrial Services Team of Kyle Chaikin and Ryan McCurdy represented the buyer, Florida-based Balogh Company Inc, in the transaction. The seller is Miami-based Research Management Corp.
The new owner’s plans for the property include renovating the common areas and modernizing the finishes and exterior to attract new tenants. Franklin Street has been retained to handle the leasing for the new owner and is confident in the property’s appeal to a wide labor pool in the Westshore area.
“This is an incredible opportunity for Balogh Company to acquire their second office property in the Westshore area at a great basis,” said Kyle Chaikin, Senior Director. “We are thrilled to have worked on this transaction and look forward to leasing the property on behalf of the new owner.”
Built in 1980, the property recently underwent capital improvements including renovated restrooms, new carpets, painted corridors and exterior, all new HVAC units, LED retrofit and striped parking lot. Additionally, the property features an atrium lobby with grand curved staircases, an on-site café and on-site property management.
“We are excited to see what Balogh Company has in store for the property and are confident that the improvements will attract new tenants and increase occupancy,” said Ryan McCurdy, Senior Director.
Located at 4902 Eisenhower Blvd., the property is situated on 7.98 acres, and is conveniently located with easy access to Florida’s I-275 Corridor and the Veterans Expressway with a daily traffic count of over 84,500 vehicles. Further, the property benefits from a 5-mile radius of local restaurants, shopping centers and Tampa International Airport.