- November 24, 2024
-
-
Loading
Loading
Estero-based TerraCap Management has sold off its six-building Tampa International Business Center office project to a Richmond, Va., investment firm for $45.05 million.
The sale, which generated roughly $15 million in profit to TerraCap investors, represents the firm's largest disposition to date, says Steve Hagenbuckle, a TerraCap managing partner.
Real Estate Value Advisors LLC (REVA) acquired the 324,654-square-foot property, at 5570 W. Idlewild Ave. in Tampa's Westshore district, earlier this month.
The project was 98% leased at the time of REVA's purchase, to WellCare Health Plans, Gateway One Financial & Lending, MedHOK Health Care, and others.
“We're very enamored with the Tampa market generally, and have been buying assets there for years,” says REVA Managing Partner Steve Sadler.
“We think this particular asset will continue to be in high demand, and perhaps most importantly we were drawn to the strong tenancy that's in place with WellCare.”
When TerraCap acquired the project's first five buildings, a Bank of America exit had sunk occupancy to just 6%.
Albert Livingston, TerraCap's national director of asset management, says the property was “aggressively repositioned” through a series of renovations that occurred beginning in 2014, including new roofs, HVAC systems, expanded parking and improved landscaping and signage.
TerraCap had owned Tampa International Business Center since buying it in two phases beginning in August 2013 for $11.4 million, according to Hillsborough County property records.
The six buildings were completed between 1980 and 1986, records show.
CBRE Group Capital Markets Senior Vice President Dale Peterson, together with the firm's Zachary Eicholtz, Courtney Snell, Philip Weber and Hans Kaunath represented TerraCap in the transaction.
TerraCap continues to own the Eastpointe Center and the Lakeview Office Center in Tampa. Last month, the Southwest Florida firm spent $116 million to acquire four apartment complexes with 1,100 units in the Atlanta area, according to its website.
(This story was updated to reflect the correct profit figure.)
