{"id":1004197782,"date":"2017-11-20T08:39:41","date_gmt":"2017-11-20T16:39:41","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004197782"},"modified":"2022-12-08T20:39:03","modified_gmt":"2022-12-09T04:39:03","slug":"tampa-office-campus-commands-45m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/tampa-office-campus-commands-45m\/","title":{"rendered":"Tampa Office Campus Commands $45M"},"content":{"rendered":"

By Timea Papp<\/p>\n

\"Tampa<\/a>

Tampa International Business Center<\/p><\/div>\n

CBRE has brokered the sale of Tampa International Business Center, a six-building office park totaling 324,654 square feet in the Westshore submarket of Tampa, Fla. TerraCap Management sold the asset to Real Estate Value Advisors in a $45.1 million deal. The property was 98 percent leased at the time of the sale.<\/p>\n

Located at 5730 Hoover Blvd., 5301, 5519, 5520, 5550 and 5570 Idlewild Ave., the campus was developed between 1980 and 1986 and\u00a0received a series of upgrades between 2014 and 2017. The property includes 1,816 parking spaces.<\/p>\n

Among the campus’ tenants are\u00a0Gateway One Financial & Lending, MedHOK Health and WellCare, which leases 249,638 square feet at the office park, making the healthcare company the largest tenant at Tampa International Business Center.<\/p>\n

Stabilized asset<\/h2>\n

From CBRE,\u00a0Senior Vice President Dale Peterson<\/a>, First Vice President Philip Weber, Vice President Hans Kaunath, Transaction Manager Courtney Snell and Analyst Zachary Eicholtz represented the seller in the transaction.<\/p>\n

\u201cIn keeping with the TerraCap Management business plan, the property was acquired in distress and aggressively repositioned to attract quality tenants,\u201d<\/em> said Albert Livingston, national director of asset management at TerraCap, in a prepared statement.\u00a0\u201cThe property\u2019s combination of stabilized, in-place cash flow and exceptional location provides for a great long-term commitment in the midst of a continually improving office market,\u201d<\/em> added Peterson.<\/p>\n

The office park is near major thoroughfares including Hillsborough Avenue, Veterans Expressway and Interstate 275. The location provides access to Tampa International Plaza, Westshore Plaza and Tampa International Airport.<\/p>\n

Image courtesy of TerraCap Management<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The property, nearing full occupancy, is leased to a mix of notable tenants, including WellCare, Gateway One Financial & Lending and MedHOK Health.<\/p>\n","protected":false},"author":240,"featured_media":1004197783,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,21742,21747,1612],"tags":[32789,35870],"class_list":["post-1004197782","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-latest","category-office","category-tampa","tag-cbre","tag-terracap-management-llc"],"acf":[],"yoast_head":"\nTampa Office Campus Commands $45M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/tampa-office-campus-commands-45m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tampa Office Campus Commands $45M\" \/>\n<meta property=\"og:description\" content=\"The property, nearing full occupancy, is leased to a mix of notable tenants, including WellCare, Gateway One Financial & Lending and MedHOK Health.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/tampa-office-campus-commands-45m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2017-11-20T16:39:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T04:39:03+00:00\" \/>\n<meta name=\"author\" content=\"Timea-Erika Papp\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/TIBC-Building-Picture.jpg\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/tampa-office-campus-commands-45m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/tampa-office-campus-commands-45m\/\",\"name\":\"Tampa Office Campus Commands $45M - 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