Va. real estate firms close deal on $10.35M Tampa building

Commonwealth Commercial Partners to manage property

Published July 6, 2020 by Sydney Lake

Buschwood III office building. Photo courtesy Lingerfelt CommonWealth Partners

Henrico County-based commercial real estate firm Lingerfelt CommonWealth Partners LLC announced Monday it has sold a $10.35 million office building in Tampa, Florida, to Virginia Beach-based real estate investment company Continental Capital Partners.

The two-story, 78,000-square foot Buschwood III office building was 92% leased at the time of the sale to tenants including CoAdvantage, BluePearl Veterinary Services and the General Services Administration. Lingerfelt CommonWealth Partners purchased the property in February 2018 for $8.9 million, when the building was 86% leased.

The property located in Tampa’s Northwest submarket has been managed by Richmond-based Commonwealth Commercial Partners, an affiliated commercial real estate operating firm of Lingerfelt CommonWealth Partners, since the time of the 2018 sale and will continue to do so following the transaction. Commonwealth Commercial Partners manages approximately 360,000 square feet in Florida alone.

“We are thrilled to continue our relationship with Continental Capital and this asset in Tampa,” Scott Holman, Commonwealth Commercial Florida managing director, said in a statement. “We have had the opportunity to work with the last two ownership groups at this project and we look forward to continuing to provide excellent service to the tenants under Continental Capital’s ownership, as well as creating additional value for our client’s new asset.”