CBRE Facilitates Sale of 104,000-SF Class A Suburban Office Asset in Tampa

CBRE has arranged the sale of Tampa Oaks II, a Class A, 104,080-square-foot office building located at 12906 Tampa Oaks Boulevard in Tampa, Fla., for $14.5 million.

Dale Peterson, Joe Chick, Kristen McFarland Hagen, Courtney Snell and Nick Sharpe with CBRE Capital Markets represented the seller, TerraCap Management, in the transaction. TerraCap Management is a commercial real estate investment manager focused on value-add real estate acquisitions in the South Atlantic, West Central South and West Mountain regions of the United States.

The buyer was represented by Marc Magliarditi and Travis Landes of CBRE’s Las Vegas office.

“Investor interest in this asset was driven by the property’s exceptional quality, tremendous transportation connectivity and direct proximity to The University of South Florida,” said CBRE Senior Vice President Dale Peterson.

Constructed in 2008 by Opus South Corporation, Tampa Oaks II benefits from excellent connectivity to Interstates 75 and 4, as well as its direct proximity to upscale residential communities and an above market surface parking ratio of 4.9 per 1,000 square feet. The building’s center-core floor plates allow for flexible leasing strategy for both single- and multi-tenant floors. Major tenants include Liberty Mutual Insurance Company, Fieldstone A&E and Home Encounter LLC.

“Quality product in well located growth markets has been a mainstay of our investment thesis. Combine this with exceptional property management from the team at Harvard Pacific and we believe this asset will serve the buyer and the local community well for years to come,” said TerraCap Management Partner and National Director of Asset Management Albert Livingston.

“It was a pleasure to work with Dale Peterson and his team at CBRE for both the purchase and sale of this asset. Dale and his team were effective partners who executed well-managed transactions throughout our ownership period, consistent with our company values of professionalism, candor, and follow-through. We appreciate their efforts on behalf of TerraCap and our investors,” said TerraCap Management Asset Manager Mark Hardee.

TerraCap Management LLC considers thematic factors such as business formation, employment growth and population growth on a market-by-market basis, as most metros and submarkets have different economic-based industries and therefore move through their economic cycles differently. TerraCap makes moderate strategic overweighting or underweighting to markets, depending on the specific economic drivers influencing supply and demand.

The Investment Manager has been in operation since 2008 with its headquarters located in Naples, FL, the firm also has offices in Tampa, FL, Atlanta, GA, and Denver, CO. As operators, TerraCap believes it can make decisions more efficiently while leveraging expertise from property to property. The firm has over 10 million square feet of commercial assets within its portfolio, with over 2.1 billion dollars of assets under management. More information can be found at terracapmgmt.com.