Single tenant office building in North Tampa 100% occupied with a tenant (NCO Financial) that desired to terminate the remaining 13 years on its lease term. Christian Tyler Properties was notified that the commercial paper securing this property was in a non-performing status.
Christian Tyler Properties (“CTP”) bought the distressed property and promptly subdivided the excess land from the existing single tenant office building, thereby creating an additional thirty-five thousand square feet of fully entitled office development opportunity. CTP then reworked the lease of the single tenant office building clarifying certain ambiguities.
The raw land property, together with its development entitlements, was then sold to a local development company. The single tenant office building was later sold to a German investment group.
Within three years after the building was purchased, the raw land component and existing office component were sold for extraordinary returns. In addition, a Bank of America Parcel contiguous to this property was acquired by CTP and immediately sold to a local lending institution that has a professional relationship with CTP. This turn-around of the NCO Financial Center property again exemplifies Kirk Eicholtz’s gift for identifying value in overlooked properties and his ability to execute a focused management and redevelopment plan
