Tampa Office Campus Commands $45M

The property, nearing full occupancy, is leased to a mix of notable tenants, including WellCare, Gateway One Financial & Lending and MedHOK Health.

Tampa International Business Center
Tampa International Business Center

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.

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

Among the campus’ tenants are Gateway 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.

Stabilized asset

From CBRE, Senior Vice President Dale Peterson, First Vice President Philip Weber, Vice President Hans Kaunath, Transaction Manager Courtney Snell and Analyst Zachary Eicholtz represented the seller in the transaction.

“In keeping with the TerraCap Management business plan, the property was acquired in distress and aggressively repositioned to attract quality tenants,” said Albert Livingston, national director of asset management at TerraCap, in a prepared statement. “The property’s 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,” added Peterson.

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.

Image courtesy of TerraCap Management