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Marshall A. Loeb Of EastGroup Properties Inc. Purchases Office In Riverview For $32M

Property Image
SOLD
$32,000,000

Florida

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Office310,940 SF
Sold 05/12/2025
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Property Image
SOLD

Marshall A. Loeb Of EastGroup Properties Inc. Purchases Office In Riverview For $32M

4030 Crescent Park Drive

See Similar Deals
Office310,940 SF
Sold 05/12/2025
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Office
Price Per Square Foot:$102
Total Square Footage:310,940 SF
Transaction Type:Sale

The property asset involved in this transaction is an office park located at 4030 Crescent Park Drive in Riverview, Florida. The sale was completed for a price of $32,000,000, encompassing a total area of 310,940 square feet, which translates to a price per square foot of $103.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $32,000,000
  • Buyer: Marshall A. Loeb - EastGroup Properties Inc.
  • Seller: Tricia Griffith - Progressive Insurance
  • Square Footage: 310,940
  • Price Per Square Foot: $103
  • Market: Riverview

Marshall A. Loeb of EastGroup Properties Inc. represents the buyer, while Tricia Griffith of Progressive Insurance represents the seller in this transaction. EastGroup Properties plans to demolish the existing buildings and develop a new 550,000-square-foot multi-building complex, with CBRE handling the leasing of the new development.

Players

Marshall A. Loeb
EastGroup Properties
Marshall A. Loeb
6 deals$239.2M volume
BUYER

Details

SOLD
IMAGE: Marshall A. Loeb & Tricia Griffith DATE: 05/12/2025 ADDRESS: 4030 Crescent Park Drive MARKET: Riverview ASSET TYPE: Office BUYER: Marshall A. Loeb - EastGroup Properties Inc. SELLER: Tricia Griffith - Progressive Insurance SALE PRICE: $32,000,000 SF: 310,940 ~ PPSF: $103 NOTE: EastGroup Properties paid $32M for a 310,940-sf office park at 4030 Crescent Park Dr. in Riverview, FL, acquiring the site from Progressive Insurance. The REIT plans to demolish the existing buildings and develop a new 550,000-sf multi-building complex, with CBRE handling leasing.

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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$113,689.24
Cash-on-Cash Return-1.27%
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