Skip to main content Skip to footer

Feldman Equities buys Castille at Carillon for $18.2 million

CastilleCarillon

Acquisition of two-building office property partially financed by crowdfunding

Feldman Equities buys Castille at Carillon for $18.2 million

TAMPA, Fla. (Oct. 8, 2019)Feldman Equities has purchased Castille at Carillon in St. Petersburg for $18.2 million. The two Class A buildings, located at 400 and 450 Carillon Parkway, total 104,897 rentable square feet on 4.31 acres.

The Gerlach Team, which includes John Gerlach, Mackenzie Gerlach and Jake Gerlach, in conjunction with leasing agent Lori Hellstrom of Colliers International Tampa Bay represented the sellers.

“Feldman Equities saw an opportunity to expand its office portfolio with Castille at Carillon, a high-quality, Class A property with credible tenants positioned in one of the best locations in the Tampa Bay area,” said John Gerlach, Executive Managing Director, Investment Services at Colliers International Tampa Bay.

Castille at Carillon’s two buildings are connected by a breezeway and parking garage, a rare feature in Tampa Bay office real estate. Tenants with long-term leases include Edward Jones, Electronic Data and DexYP, and occupancy at the time of sale was 94.6%.

Castille at Carillon is located in the Gateway submarket, which continues to be one of the leaders in the Tampa Bay market in occupancy rates and rent escalations.

“With shrinking vacancies through the Tampa Bay market, the Gateway submarket is expected to maintain high occupancies and rent increases into the future, making it an excellent area to purchase investment properties,” said Gerlach.

Feldman Equities and its joint venture partners own or manage over 4 million square feet of Florida office space. The company collaborated with outside investors through the CrowdStreet Marketplace, a crowdfunding platform, to acquire Castille at Carillon.

“Instead of taking an institutional partner, some investors are using a crowdfunding platform to raise their equity,” said Gerlach. “The concept of crowdfunding allows for a much broader base of investor to enjoy the benefits of commercial real estate.”

 

About Colliers International Group Inc.

Colliers International (NASDAQ: CIGI) (TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, has delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management. To learn more about how we accelerate success visit corporate.colliers.com, Twitter: @Colliers or LinkedIn.

 


Related Experts

Jake Gerlach

Project Manager, Investments

Clearwater

Jake Gerlach joined Colliers International in 2014 specializing in project and facilities management in the Tampa Bay area. Jake’s growing experience includes project management of building renovations, creating trustworthy vendor relations, direct involvement with capital and tenant improvements, selling investment properties and adding value to assets through innovative processes and knowledge of market demand.

Jake works together with John Gerlach, Managing Director of Investment Services. The Gerlach Team was responsible for over $230,000,000 in office dispositions within the Tampa Bay market, from 2016 to 2019 respectively.
 

View expert

Mackenzie Gerlach

Director, Investment Services

Clearwater

Mackenzie Gerlach specializes in investment services with a focus on office and land sales primarily in the Tampa Bay area. She provides strategic market positioning for her clients through detailed analysis of financial statements and budget. Mackenzie asset manages a 600,000± SF portfolio of properties in Tampa Bay which provides a direct understanding of the market demands and impacts on her clients.


Mackenzie partners with John Gerlach, Vice President of Investment Services.  The Gerlach Team was responsible for over $230,000,000 in office dispositions within the Tampa Bay market, from 2016 to 2019 respectively. John’s experience and knowledge paired with Mackenzie’s valuation and client commitment produce an investment team that continually stands as a market leader.

View expert

John Gerlach

Executive Managing Director, Investment Services

Clearwater

John Gerlach has been with Colliers International Tampa Bay since 1978 and serves on the Board of Directors as well as the Advisory Council for Colliers International Tampa Bay.  John specializes in selling investment properties and land with a focus on office buildings, industrial/flex properties and land with a need for a specialized marketing plan.  John is instrumental in organizing the office teams for Colliers International Tampa Bay and Colliers International Southeast region.

View expert