TerraCap Management Sells Tampa Office Asset

Tampa Oaks. Image courtesy of TerraCap Management

TerraCap Management has sold Tampa Oaks, a 104,000-square-foot office building in Tampa, Fla. According to CommercialEdge data, a private investor paid $14.5 million for the asset.

StanCorp Financial Group backed the deal with a $10 million acquisition loan, with a maturity date set for 2025, according to the same data provider. CBRE brokered the transaction for the seller, which picked up the asset in 2016 for $13 million.

Constructed in 2008 on roughly 10 acres, the three-story building is situated at 12906 Tampa Oaks Blvd. During its six-year ownership, TerraCap completed several upgrades at the property, including improvements to the parking lot lighting, elevator repairs and HVAC replacements. Additionally, the company recently added a self-serve canteen to the amenity list.

Tampa Oaks is situated just off Interstate 75 and near Interstate 4, while downtown Tampa is roughly 15 miles away. The property’s current tenant roster includes BAE Systems, Fieldstone A&E and HomeRiver Group Tampa.

CBRE Senior Vice President Dale Peterson represented TerraCap in the sale of Tampa Oaks. During TerraCap’s ownership, the CBRE team in charge of leasing the property included First Vice President Philip Weber and Senior Vice President Barry Hanerfeld, while Harvard Pacific acted as property manager.

Naples, Fla.-based investment manager TerraCap, with offices also in Tampa, Atlanta and Denver, has more than 11 million square feet of commercial property within its portfolio. Earlier this year, the company secured a 50,000-square-foot lease at its 253,300-square-foot 3100 Breckenridge office park in metro Atlanta.