7 years ago
Tampa, Fla. – Brownstone Tampa Partners, LLC announced today it has acquired the former Trump Tower Tampa site and adjacent office building, known as the CapTrust Building, in downtown Tampa, FL. Previously slated as a 52-story luxury condominium complex, the site is the only undeveloped parcel in the downtown core located on the Hillsborough River.
Brownstone Tampa Partners, LLC is an investment partnership of O,R&L Facility Services, a large-scale property and facility management company, Owens Realty Network LLC, O,R&L’s sister real estate brokerage company, and Community Reinvestment Partners II, LP, a joint venture investment fund of Forge Capital Partners, LLC and DeBartolo Development, LLC.
The recipient of multiple Building Owners and Managers Association awards, including “Best Office Building” for several properties, O,R&L chose the well-known office building and strategic riverfront land parcel for its entry into the Tampa real estate market. The vacant land, with its large-scale development potential, prompted the company to seek other strategic partners to maximize its resources to develop this riverfront property. Owens Realty Network oversaw the sale and served as the owner’s broker of record.
“In our search for a strategic partner, we had interest from a number of groups and developers,” said Bob Owens, president and CEO of O,R&L. “We chose Forge and DeBartolo because of their capital and development expertise. We look forward to working with them on this exciting project.”
“The commercial real estate market continues to show signs of recovery with the multi-family sector leading the way and demand for retail and office space gradually increasing,” said Edward Kobel, president and CEO of DeBartolo Development. “The nature of this project, with an existing revenue-producing, multi-tenant office building and an adjacent, highly-prized development parcel, affords us the opportunity to let the market come to us. With O,R&L’s commercial property management expertise and Owens Realty Network’s leasing experience, we will enhance the competitiveness and value of the office building while our in-house development professionals work closely with O,R&L to maximize the site’s future development potential.”
The economic recession ultimately lead to the Trump Tower Tampa’s failure in 2008. BB&T, the lender, as successor to Colonial Bank, received ownership of the property. Over the past year, several prominent projects have been started or completed near the property, including the Tampa Museum of Art, Glazer Children’s Museum and USF Health’s Center for Advanced Medical Learning & Simulation (CAMLS).
“This marks our eighth investment in the Tampa market and third investment involving a property in the central business district of a major Florida city,” said Robert Moreyra, managing principal of Forge Capital Partners and president of Community Reinvestment Partners. Community Reinvestment Partners is involved in a venture to assemble several city blocks in downtown West Palm Beach and in April of this year acquired the 14.5 acres Mills Park project in Orlando. “This property provides the perfect opportunity to move forward with the vision of what commercial development along the City’s riverfront should be, while contributing to the region’s economic recovery,” said Moreyra.
Immediate plans call for completing the Tampa Riverwalk on the vacant portion of the property and tying into the Brorein Street Bridge underpass currently under construction by the City of Tampa.