New York-based Sentinel Real Estate Corporation has acquired Preserve VII, a 115,000 sq. M. Class A office building. M in Tampa, Florida at Highwoods Properties, Inc.
Sentinel paid $ 43 million for the building, which was fully leased to MetLife Corporation by October 2031.
“Preserve VII provided us with the opportunity to acquire a well-stabilized asset with a tenant that has made significant commitments to both the property and the surrounding area,” said Martin Cowley, managing director of Sentinel. “We expect the asset to generate consistent earnings and room for growth and value enhancement due to its location in the fast-growing Tampa market.”
Preserve VII is located in the Highwoods Conservation Area, a mixed-use campus of office and apartment buildings that is located in close proximity to regional highways and residential centers, as well as restaurants, shops and other recreational facilities.
According to a statement from the seller, in 2007 this property was built on an individual project and was supposed to generate $ 2 million in net operating income in 2021.
Ted Klink, President and Chief Executive Officer of Highwoods Properties, said: “This sale marks the first completion of our plan to materially fund our planned portfolio acquisition from PAC with proceeds from the sale of non-core assets. We are pleased with this sale and the buyers’ interest in the non-core properties we currently have on the market. We look forward to reallocating sales proceeds to the fast-growing BBDs in Charlotte & Raleigh through our planned portfolio acquisitions. ”
Highwoods has agreed to acquire a portfolio of office properties from Preferred Apartment Communities (PAC) for $ 769 million. The acquisition is expected to close in the third quarter of 2021.
The company’s plan is to ultimately finance the acquisition, primarily by accelerating the sale of existing non-core assets worth between $ 500 million and $ 600 million by mid-2022, about half of which are slated to close by the end of 2021.
Founded in 1969, it is a New York-based independent real estate investment management company. The company currently manages $ 7.8 billion in institutional quality properties on behalf of over 100 local and international clients. Sentinel has offices in the USA, the Netherlands, Germany and Australia. The company currently has a portfolio of over 26,000 apartments and 5.5 million square feet of commercial real estate.
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