Keenan Development, Keiser buy GunnAllen building

Sean Roth | Real Estate Editor - November 4, 2011 6:30 pm

BUYER: Venus Investment Properties Ltd. (Keenan Venus LLC and Keiser Venus LLC), Fort Lauderdale

SELLER: MetLife Bank NA vs. 5002 West Waters Owner LLC, et al.

PROPERTY: 5002 W. Waters Ave., Tampa

PRICE: $7.05 million

PREVIOUS PRICE: $7.41 million, July 2006

PLANS, DESCRIPTION: A partnership of Fort Lauderdale-based Keenan Development Group and Keiser University, also of Fort Lauderdale, purchased the 117,335-square-foot former GunnAllen Financial office building for $7.05 million.

The price equated to $60 per square foot.
The purchase entity Venus Investment Properties Ltd. was the successful bidder for the vacant five-story building at a court-appointed auction.
The building features four elevators, a five-story glass atrium, break rooms and kitchens on every floor, a café/deli and a 186-person auditorium with special media capabilities. It also included two large diesel generators, a life-safety system that can operate for five days, a trading floor and server room. The sale also included a three-level parking garage.

“It certainly is a beautiful building,” says Dale Chynoweth, chief financial officer for Keenan Development Group. “Keiser University will be moving their Tampa school over there. This will be a flagship property for them. If I was a student this would be very appealing to me.”

Chynoweth says that Keiser plans to hold class from the custom-designed office building. Keiser hopes to have its renovations to the building completed so that classes can start there in the first quarter of 2012.

Chinook Construction Inc. will be the general contractor for the project.