Atlanta buyer snaps up Westshore 500 building
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Dec 31, 2014

Fairlead Commercial Real Estate has picked up Westshore 500, a 129,728-square-foot office building on North West Shore Boulevard.

Atlanta-based Fairlead entered Tampa this summer with the $47.25 million purchase of the 19-story Fifth Third Center in downtown Tampa.

The price was not disclosed, and a deed for the transaction has not yet been filed. The seller was Orlando-based Parkway Properties Inc., which recently paid $238 million for the nearby Corporate Center I, II and III buildings.

Parkway paid $20.1 million for the building in 2009, according to Hillsborough County property records.

"Westshore 500 is in the perfect location next to Westshore Plaza mall, and it was one of the last 'value-add' opportunities to come available there. Our ownership is committed to investing significant capital in the building to improve common areas, building systems, and amenities," said Jeff Shaw, Fairlead president.

Dale Peterson, senior vice president with CBRE Group Inc. in Tampa, and a team of brokers from CBRE's Miami office, represented Parkway in the transaction. Colliers International Tampa Bay brokers Claire Calzon and Joanne LeBlanc will lease the building for Fairlead.

With this acquisition, Fairlead's corporate investment fund is 50 percent deployed, the firm said. It is looking to acquire another $400 million to $600 million of industrial and office assets over the next 18 to 24 months in the Southeast and Texas.

Ashley Gurbal Kritzer is a reporter for the Tampa Bay Business Journal.