Ford Motor Credit Renews Lease; Crosspoint Lands StreetLinks
- Aug 04, 2011
Ford Motor Credit Co. has renewed its lease as sole tenant at the Sabal Pavilion. The four-story Class A office building at 3620 Queen Palm Drive, 10 miles east of downtown Tampa, is part of the prestigious Sabal Park master-planned business complex. The 1,000-acre park provides ease of access to all major nearby thoroughfares and includes two hotels, four restaurants, a dry cleaner, banks, a travel agency, a full-service childcare facility, a tennis court and a jogging/walking trail.
Ford Motor Credit was the original tenant, having moved there in November 2009. KBS Real Estate Trust I, a non-traded REIT, acquired the property in 2006 and signed Ford Motor Credit to a lease that would have expired in 2017, with Ford retaining the right to terminate the lease in 2015. The termination option was eliminated and the lease for the 120,500-square-foot-building was extended to 2021. The tenant was represented by Jack Hoskins with the CB Richard Ellis Tampa office, while KBS represented itself.
StreetLinks Lender Solutions also prides itself on a new long-term lease, having recently signed for the entire 36,000-square-foot one-story building at Crosspoint, 9314 E. Broadway. The deal enables StreetLinks to expand its operations, more than double its space and add 250 new jobs in Florida within the next two years. The Indianapolis-based real estate appraisal management service provider has released plans of investing nearly $2 million to open its Tampa site in early September.
Holly Duran Real Estate Partners L.L.C.’s Holly Duran and Jeff Mulder negotiated the terms of the lease, along with co-broker Jimmy Johnson, a Tampa-based principal with CNL Commercial Real Estate brought in by HDREP.