Vision Properties Closes On $100M+ Renaissance Park Acquisition
Vision Properties, a northern New Jersey-based commercial real estate operating partner, has acquired a five-building Class A office complex consisting of 573,053 square feet along Henderson Road, north of Tampa International Airport. This acquisition represents Vision Properties first acquisition in Tampa and adds to its existing office portfolio of 5,000,000 rsf. The property also has a development pad with an active site permit for an additional office building totaling 111,600 sf. Fred Arena, founder of Vision Properties, expects to break ground within the next 12 months as the Tampa Office market lacks large contiguous blocks of Class A vacancy.
Renaissance Park, a master-planned corporate campus situated on 71 acres, includes over 3,000 structured parking spots, a baseball field, a health and fitness center, a tennis and volleyball court, internet café‚ coffee bar, and food court.
Anthony Arena, Director of Acquisitions stated, “The Tampa office market has continued to outperform many other office markets around the country with approximately 2.250MM rsf of net absorption since 2011. This can be attributed to the talented labor pool, large tax incentive packages, and low cost of business. The Tampa MSA added 32,900 new jobs in the last 12 months ending June 2015 and 109,300 jobs in the last five years.”
Cushman & Wakefield’s Florida Capital Markets Group consisting of Mike Davis, Michael Lerner and Rick Brugge represented the Seller. William Bertolero of Vision Properties will oversee the operations and asset management.