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July 31st, 2015
REVOLUTION CAPITAL COMPLETES SALE OF TRIBUNE REAL ESTATE
TAMPA — A South Florida developer has closed on a deal to purchase the headquarters of The Tampa Tribune, paving the way for development of a 400-unit residential complex on the west bank of the Hillsborough River.
Tampa Media Group, owner of the Tribune, sold the building to The Related Group of Miami. A deed filed with the Hillsborough County Clerk of the Circuit Court put the sale price at $17.75 million.
Tampa Media Group is a subsidiary of Revolution Capital, a Los Angeles-based investment group that acquired the Tribune from Media General of Richmond, Virginia, in October 2012.
Related Group has developed luxury condominium projects in downtown Miami, Miami Beach and Broward County, and one on the drawing boards in Atlanta. Related Group built the Pierhouse at Channelside apartment complex, with 356 units, and is building a 21-story apartment tower on Harbour Island with 340 units.
The company has filed plans for an eight-story, 400-unit residential complex with a 10,000-square-foot restaurant on the Tribune site.
The Tribune deal represents further confidence in downtown Tampa's residential real estate market. While much attention has been focused on the Channelside and downtown core areas, where Tampa Bay Lightning owner Jeff Vinik has proposed a $1 billion redevelopment of roughly 40 acres, the city and developers have also homed in on the west bank of the Hillsborough River.
"We've said from the moment we set foot in the office, the goal was to make the river the center of our urban existence, not the western edge," Tampa Mayor Bob Buckhorn said. The Tribune deal, Buckhorn said, "is the first big step and a significant signal that this is going to happen. I think other investment will follow."
Revolution Capital Group
is a privately funded, global investment firm focused on acquiring and operating companies for long term growth and value creation in the middle market. Our executive team works in partnership with management to build industry leading enterprises all over the globe.
Revolution’s team has a wealth of experience in global acquisitions and operations and has executed transactions with some of the world’s largest companies.
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to providing fair value and creative and expedient solutions for corporations looking to divest and maintain the highest ethical standards and business practices.