Tampa, FL – May 17, 2012 – (RealEstateRama) — Tampa, Fla.-based Checkers Drive-In Restaurants Inc. has renewed their lease agreement at Colonial Place II in the Westshore market for an 11-year term. CBRE arranged the transaction on behalf of the landlord, DRA/CLP CP Tampa LLC. The 26,000-square-foot office in Tampa is headquarters to the Checkers & Rally’s franchise.
“The average lease term in office product for the past year or so has been around five years. Since the recession, terms have steadily begun to increase—from one to three years, and now five to seven. It’s a measure of increasing confidence by Tampa Bay firms,” said CBRE Vice President Clay Wommack.
Located at 4300 West Cypress Street, Colonial Place II is a Class A office with prominent visibility along Interstate 275. Checkers has been at this location for approximately seven years and will be updating their existing signage on the parking deck visible from I-275.
“A high-quality building and the strength of well-capitalized ownership are features that facilitate long-term commitments,” added Wommack. “As a stable asset, the convenient accessibility and prestigious Westshore address add to the appeal of Colonial Place.”
Wommack was joined by First Vice President Brian Devlin in providing landlord representation to owner, DRA/CLP CP Tampa LLC. DRA/CLP CP Tampa LLC is a joint venture partnership between a real estate investment fund managed by DRA Advisors LLC and Colonial Properties Trust.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue). The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.
Contact:
Elizabeth Cross
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305.428.6373
elizabeth.cross (at) cbre (dot) com
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813.273.8482
lauren.crawford (at) cbre (dot) com
