TerraCap buys Lakeside center, with plans to stabilize, rename

BUYER: Tampa International Business Center LLC (principal: Walter S. Hagenbuckle), Bonita Springs
SELLER: CGCMT 2004 C1 North Hoover LLC
PROPERTY: 5730 Hoover Blvd. and 5301, 5520, 5550 and 5570 W. Idlewild Ave., Tampa
PRICE: $4.7 million
PREVIOUS PRICE: $1.07 million and $282,900, June 2004
LAW FIRM ON DEED: Bilzin Sumberg Baena Price & Axelrod LLP, Miami

PLANS, DESCRIPTION: Bonita Springs investment fund TerraCap Partners II purchased the 223,547-square-foot Lakeside Technology Center for $4.7 million.

The price equated to $21 per square foot. That figure is lower than the two-year average price per square foot for office space ($115) in the Tampa Bay area, according to the CoStar Group.

The 17.17-acre campus in the Westshore Business District features a total of five buildings ranging in size from 76,120 to 14,818 square feet. Two of the center's largest tenants, Bank of America (76,000 square feet) and Children's Home Inc. (35,000 square feet), recently pulled out of the property. Only 7%, or 15,000 square feet, of the development was occupied.

“We plan to renovate it and stabilize it by leasing it up,” says W. Stephen Hagenbuckle, managing principal of the fund's manager TerraCap Management Corp. “We are very familiar with the approved $2.5 billion Tampa International Airport expansion with an entry off Hillsborough. This project is on Hoover [Boulevard], which connects to Hillsborough.”

John and Mackenzie Gerlach of Colliers International handled the sale, which was done through auction.com, for a special servicer handling the property.

The property is being renamed Tampa International Business Center.