South Florida firm, partner acquire Tampa office building for $29.4M

North Miami Beach-based Galium Capital entered into a joint venture to buy the Fountain Square II office building for about $220 per square foot

July 28, 2019 04:00PM

Fountain Square II in Tampa (Credit: Tampa Bay Business Journal)

A South Florida firm and its joint-venture partner acquired a four-story office building in Tampa for $29.4 million.

North Miami Beach-based Galium Capital and venture partner Owens Realty Capital paid about $220 per square foot for the  Fountain Square II office building in the Westshore area of Tampa.

Built in 1989 about two miles from Tampa International Airport, the curvilinear Fountain Square II building has undergone more than $2 million of capital improvements since 2015.

With lease rates near $30 per square foot, the building is 93 percent leased. Its anchor tenants are CarePlus (42,903 square feet), ConnectWise (39,031 square feet) and the Social Security Administration (35,672 square feet).

The Tampa office building at 4925 Independence Parkway has 133,887 square feet of interior space and 519 structured-parking spaces. Herman Rodriguez and Ike Ojala in the Miami office of HFF brokered the transaction.

Galium Capital and Owens Realty Capital also jointly acquired a 67,500-square-foot office building at 3001 PGA Boulevard in Palm Beach Gardens last November for $25.1 million, or about $372 per square foot. – Mike Seemuth

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