The acquisition was an excellent opportunity for Convergent to add to its portfolio of assets in the Tampa Bay region.
Tampa, FL (PRWEB) September 26, 2014
Convergent Capital Partners, a real estate private equity company headquartered in Tampa, has acquired a 130,000 sq. ft. Class A office building located at 100 Central Avenue in downtown St. Petersburg. Once the headquarters of Universal Health Care, the office building is currently vacant. The purchase price was undisclosed.
Nik Sachdev, Managing Director of Convergent said, “The acquisition was an excellent opportunity for Convergent to add to its portfolio of assets in the Tampa Bay region. Over the past 12 months, Convergent has invested a combined $50 million among the purchase of the 113,000 sq. ft. Knights Point retail center on Harbour Island, the development of the Aloft hotel in downtown Tampa, and now the purchase of this office building in downtown St. Pete. We remain very bullish on this area, and hope to add to our portfolio in the near future. Our team is crafting a vision for the 100 Central Ave. property, which we plan to finalize and reveal to the market over the next two to three months. We look forward to being part of the growth in downtown St. Petersburg by making this a thriving office building again.”
Bryan W. Sykes of Meridian Partners and W. Kent Ihrig of Shumaker, Loop & Kendrick, LLP represented Convergent on this transaction.
Alan Feldshue, Melanie Jackson and Kevin Yeager of Colliers International Tampa Bay represented the seller.
“The 100 Central property is now poised to once again be a key part of the ever-improving downtown St. Petersburg market,” Feldshue said. “The property’s great location made it an excellent opportunity for Convergent.”
About Convergent Capital Partners
Convergent Capital Partners is a privately owned real estate private equity firm headquartered in Tampa, Florida. With over 150 years of combined experience in Florida real estate, Convergent is a pre-eminent and dominant player in Florida's real estate markets. Since October 2008, Convergent has acquired over $500 million in performing / sub-performing commercial mortgages and real estate assets. Convergent’s local investments include the Aloft Downtown Tampa and Hyatt Regency Clearwater Beach. For more information about Convergent, visit http://www.convergentcap.com.