Tampa is a city on the rise and as a local part of Florida’s economy, has been on Galium Capital’s radar for investment. In mid-2019 Galium Capital closed on Fountain Square II, a 133,887 square foot Class A office building in the coveted Westshore office district of Tampa. Located within driving distance of Miami and Orlando, Tampa is the 18th largest MSA in the United States and 3rd largest in Southeast. The waterfront city has been voted #1 Place To Live by Southern Living in 2017, #2 Best City To Invest In Real Estate by GoBankingRates in 2017, #1 and #7 Beach Destinations in the United States in reference to Clearwater and St. Pete Beaches by TripAdvisor in 2018, who also rated Clearwater as the #7 Best Beach In The World. With Tampa offering such a high quality of life for residents matched with the state of Florida’s friendly tax code, the city is poised for continued growth.
The metro is one of the top Financial Services hubs in the sunbelt and is one of the top 10 cities for adding new jobs in 2019. The strong growth is spurring high occupancy and with exceptional market fundamentals asset's should provide incredible upside for investors. Tampa is considered one of the most desirable and business-friendly cities in the United States. Tampa’s economy is driven by healthcare, financial services, tourism, manufacturing and technology. Another major economic driving factor of Tampa is Port Tampa Bay which offers over 80,000 jobs and $15 billion in annual economic impact. Tampa is home to 6 Fortune 500 companies including Tech Data, Jabil, Mosaic, Qurate, WellCare and Raymond James.
Tampa’s MSA is home to 3.1 million residents making it the 2nd most populous metro area in Florida. The average household income is 75,904 with 1.34 million total jobs in the area. Tampa’s unemployment rate hovers around 3% with 2.3% annual job growth, 2nd in the state of Florida. Tampa boasts an affordable cost of living coupled with a low tax environment making it attractive for flight capital from higher tax states, helping spur growth.
About Fountain Square II:
Upon acquisition in 2019 by Galium Capital, Fountain Square II is a rare Class A office investment in Westshore. The building was built in 1989 but renovated between 2015 to 2018. The 4-story building is home to CarePlus with a diverse tenancy roll in the fields of healthcare, information technology and the U.S. Government. Fountain Square II offers tenants an on-site fitness center and a cafe with outdoor seating and lake views. The location is within easy access of Tampa International Airport and Downtown Tampa.