Feldman plans to crowdsource funding for Carillon office building
Here’s your chance to be part owner of an office building in Carillon.
Feldman Equities LLC and Tower Realty Partners are looking to raise about $6 million from outside investors as they purchase the Castille at Carillon, two Class A office buildings at 400 Carillon Parkway and 450 Carillon Parkway, with a total of 104,000 square feet.
They’ve listed the investment opportunity on CrowdStreet Marketplace, an online crowdfunding platform that Feldman used earlier this year to raise $9 million from 223 investors who now own part of the Morgan Stanley Tower in downtown St. Petersburg.
The Castille at Carillon offering is scheduled to open up to investors tomorrow, June 20.
“We’re excited that Castille at Carillon will be our first acquisition through the CrowdStreet platform. We expect to wrap up the raise in August,” Mack Feldman, vice president of Feldman Equities, told the St. Pete Catalyst.
CrowdStreet, which launched in 2014, has placed more than $525 million from thousands of investors in new and existing projects across the country, according to TheStreet.com.
Feldman Equities, headed by president and CEO Larry Feldman, is one of the larger commercial real estate owners in the Tampa Bay area, with City Center, First Central Tower and Morgan Stanley Tower in downtown St. Pete. Feldman also owns Park Tower and the Wells Fargo Center in downtown Tampa and is developing Riverwalk Place. The company currently manages Carillon Point for a long-term institutional partner.
The Carillon property, built in 1999, has been owned since 2003 by Castille at Carillon LLC, according to Pinellas County property records. That company is based in Tawas City, Michigan, state records show.
Major tenants include Assurance, DexYP, Cisco Systems, EDI, U.S. Trust/Bank of America and the Veterans Administration, according to a sale listing posted by Colliers International.
“It’s an incredibly well-located property with high ceilings, great tenants, and high-end finishes throughout, but there are still some areas where we can add value,” Mack Feldman said. “The CrowdStreet investors know that’s what we’re best at – extensively renovating and leasing up Class A office buildings in the Tampa Bay area. We’re also acquiring Castille at Carillon at a significant discount to replacement cost. Replacement cost is more and more important as vacancies continue to decline.”
Carillon, a major office park, and the surrounding Gateway area are among the strongest submarkets in the Tampa-St. Pete area, according to CrowdStreet.
“The submarket is benefitting from a number of trends, including historically low vacancy rates in downtown St. Pete and Westshore. Both national and local tenants are looking for the excellent highway access and slightly more affordable rates in the Carillon market,” Feldman said.
Investments on CrowdStreet are for accredited investors — people who are financially sophisticated, have $1 million in net worth and can deal with securities not registered with financial authorities. The minimum investment in the fund is $25,000.
