2017 Top Deals: Tampa Bay

Business Observer
December 29, 2017
By Kevin McQuaid

Unlike the two other submarkets along the Gulf Coast, the Tampa Bay area had a balanced and measured 2017.

Its Top Five showcased a pair of hotel deals, an industrial sale and a suburban office portfolio transaction.

Analysts say the diverse nature of the transactions represents a robust market, and one that is likely sustainable into the coming year and beyond.

Tampa Bay also demonstrated consistency in 2017: Its Top Five deals, in terms of overall dollar volume, came in at just $1 million more than the combined take in 2016, and a scant $32 million more than the largest five transactions brought in 2015.

2 Element: $112.4 million

Boston-based Northland Investment Corp. paid the most for any multifamily rental project along the Gulf Coast in 2017.

The company also cemented its place as Florida’s second-largest owner and operator of market-rate apartments with the deal.

Matthew Gottesdiener, Northland’s chief investment officer, describes the 35-story Element as a “best-in-class, downtown high-rise asset.”

The 395-unit complex, at 808 N. Franklin St., opened in 2009.

Northland intends to upgrade Element’s amenities and make other improvements, Gottesdiener says.

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