Amstar Sells Two Harbour Place
Tampa Bay, FL (February 11, 2013) – Amstar announced today that it has sold Two Harbour Place, a 12-story, 180,000 square-foot Class “A” office property located on Harbour Island, at the tip of Tampa Bay’s commercial business district to a joint venture between Crocker Properties and Urdang Capital.
Amstar and its operating partner, CNL Commercial Real Estate, an Orlando-based real estate investment and services company, acquired the property in December of 2007 from Beneficial Life, the original developer and occupant of the Property. At the time of acquisition, the Property was 73% leased and benefited from an above market parking ratio and several high-tech features including redundant power feeds and generators and a fiber optic network. Upon acquisition, Amstar and CNL embarked on an aggressive marketing strategy to stabilize the Property through the use of CNL’s established local leasing team. Additionally, the partnerships property management team implemented several energy conservation measures and renegotiated service contracts that resulted in reducing the Property’s controllable operating expenses by over 10% and achieving the Energy Star Award. The partnership’s proactive leasing and property management efforts resulted in stabilizing the Property in 2013 and successfully selling the investment.
Established in 1987 and headquartered in Denver, Colorado, Amstar is a real estate investment manager that acquires, develops and manages office, multifamily, retail, hotel and industrial properties in select U.S. and international markets. Originally formed to invest and manage the real estate allocation of a large family office client, Amstar began expanding its capital strategy nearly a decade ago and has grown to more than $2.3 billion in assets under management (as of December 31, 2012). Today, Amstar is proud to provide a high degree of focus and attention to its client relationships, counting among them leaders in the private and institutional investment community. Amstar’s clients originate from across the globe and include U.S. and European institutions, insurance companies, private banks, funds of funds, and other family offices.