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 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 components 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.