Galium Capital, a Miami-based private equity firm and its joint-venture partner, Owens Realty Capital, have acquired Fountain Square II, a curvilinear four-story office building in Tampa for $29.4 million. The joint-venture paid about $220 per square foot for the Fountain Square II office building in the Westshore area of Tampa. Herman Rodriguez and Ike Ojala in the Miami office of HFF brokered the transaction.
Fountain Square II was built in 1989 but has undergone over $2 million in capital improvements since 2015. The building is located at 4925 Independence Parkway, just two miles from Tampa International Airport. Fountain Square II spans over 133,887 square feet of interior space with 519 parking spaces. At the time of purchase Fountain Square II was over 93% leased with anchor tenants including CarePlus, ConnectWise and the Social Security Administration. Lease rates are roughly $30 per square foot.
Galium Capital and Owens Realty Capital also jointly acquired a 67,500-square-foot office building at 3001 PGA Boulevard in Palm Beach Gardens in November 2018 for $25.1 million, $372 per square foot.
The Aventura-based Galium Capital owns more than $300 million in commercial assets across the United States with asset management and property management performed in-house. Galium Capital invests in multifamily residential, retail, hotels and office space. Galium Capital is led by Jacques Bessoudo and Iser Rabinovitz.