Eola Capital LLC, one of the Tampa Bay area’s larger office landlords, bought 72 acres of undeveloped land near the Lee Roy Selmon Crosstown Expressway in southeast Tampa.

Crosstown Owner LLC, whose address is the same as Eola Capital according to state corporate records, paid $2 million for 72 acres, or roughly $27,800 per acre, according to a deed filed July 9 with the Hillsborough County Clerk of Court.

“That’s an unbelievable deal for Eola Capital,” said Derek Pettigrew, an associate land broker atCushman & Wakefield Inc. in Tampa.

Crescent Resources, based in Charlotte, N.C., is reorganizing under Chapter 11 of the U.S. Bankruptcy Code. The development company, owned by Duke Energy Corp. (NYSE: DRE) and Morgan Stanley, is one of the better-known local developers.

Crescent Resources developed Corporate Center, a Westshore office complex adjacent to International Plaza in Tampa, and the 263-acre Hidden River Corporate Park near the University of South Florida in Tampa.

The company said its June 10 bankruptcy filing was necessary for it to reorganize its finances, reduce its debt level and improve its capital structure.

Orlando-based Eola Capital, which owns 1.6 million square feet in the Tampa Bay area, couldn’t be reached for comment.

Tampa Bay Business Journal – July 9, 2009
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